We had a few more short-term penny stock recommendations than usual today, so we’ve split our breakout list from our longer-term list. This is the short-term idea list, which are trades designed to move far and fast, but not for very long. Therefore holding periods are measured in days, if not hours. (Needless to say, if you’re trading these penny stock picks, you’ll want to be nimble.

If you also want to add something a little more tame and longer-term to your penny stock portfolio, be sure to take a look at today’s Penny Stock Pick list.

On with the recommendations, in no particular order….

Oramed Pharmaceutical (ORMP)

The stock popped on relatively benign Phase II news yesterday, though it may have been enough to fully shake off any dead weight ORMP has been lugging around.

As you’ll see on the chart, Tuesday’s final “umph” made a pretty decisive statement about the long downtrend being bucked.

CopyTele Inc. (COPY)

Huge volume yesterday, then the stock partially retreated from its high. That’s ok though - the damage has already been done (for the better). If you look closely, you’ll see the moving averages that were formerly resistance are now acting as support.

The bears took their shot, and didn’t kill the stock. We’re looking for the buying to resume now.

OSG America L.P. (OSP)

Note this is a bearish trade. So, you’ll only be able to do anything about this idea in a margin account with shorting privileges. Needless to say, be careful - shorting is infinitely dangerous. Anyway…

There’s something suspicious about two modest selloffs in a row, and HUGE volume. Monday’s loss was an outside day (a major sign of reversal), while Tuesday’s losing bar was an inside day (also a sign of a bearish reversal). We’d be very surprised if these last two days weren’t a clue of a bomb that’s going to be dropped in the near future.

NIC Inc. (EGOV)

Lots of buying volume on Tuesday, but no real progress from the stock (at least none that wasn’t in place on Monday)? Hmmm. The stock’s already in a nice uptrend, but seems to be testing the waters at $5.75. Based on other factors, we recommend getting in prior to any breakout effort here.

NIC reported solid number on Monday, and they’re expected to get better in 2009.

Strong company results? A rising stock? Reasonable valuations? Stranger things have happened.

That’s it for now, but check back tomorrow - we’ve always got more coming down the pike.

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