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The market is at a tipping point after ending May on a down note; I've been expecting a pullback or something worse, and this could be it.

So, how to play it?

Now's not a time for panic, but for strategy. Whatever you or I think of the long-term market, a lot of good companies are out there doing things worth investing in. They're stocks to buy at the right price for the long term -- and if things pull back, attractive prices are on the way.

Over the last few weeks, I've recommended that folks start harvesting profits. That gives you have cash to redeploy when conditions are right. So consider adding these three stocks to your watch list until you find the right time to pounce on them.

If you think the market is set to rebound sooner rather than later, consider nibbling on these names right now.

Target

Target

The cheap chic retailer with some 1,800 stores in the United States has been consistent favorite among investors and consumers, thanks to its focus on bringing some glamor to the desolation that is most big-box retailers. Target's (TGT) premium private-label brands give consumers affordable, accessible luxury names such as Michael Graves Design, Nick & Nora and Fieldcrest.

Shares had been consolidating over the past three months after exceeding their 2007 high as the retailer digested its recent fresh food initiative and its push into urban areas with its City Target concept. (There's a location in Seattle, and it's awesome.) It has also expanded its Target REDcard program.

But on Tuesday, shares surged higher as analysts look ahead to fiscal 2015 projected earnings growth of nearly 25% next year to $5.45 per share. For their part, executives are looking for traffic to increase as the year progresses and are guiding growth of 2% to 3% in same-store sales for the current quarter.

By 2017, they expect earnings at or above $8 a share per year. If so, this week's breakout is just the start of a new leg in a long uptrend.

The catalyst for such aggressive optimism is the retailer's push north into Canada as it launches its international expansion. The first stores north of the border are already open, with 124 planned by year's end.

Wells Fargo analysts are also noticing a more aggressive online presence for the retailer, which took back its e-store operations from Amazon.com (AMZN) a few years ago. Target plans to significantly increase its information technology-related capital spending this year to support the effort, with a specific focus on the mobile space, where sales are growing at a triple-digit rate for the retailer.

If shares can maintain this push above $72 a share, I'll be looking for an entry point.

Pengrowth Energy

Pengrowth

Pengrowth Energy (PGH), an independent Canadian energy development company with a $2.7 billion market cap, is in the midst of what is probably the prettiest technical breakout I've ever seen. After basing since last November as volatility was squeezed out of the stock as it tracked the price of natural gas, Pengrowth is surging higher on strong volume, pushing above its upper Bollinger Band as its 20-day moving average crosses over its 50-day average.  

In its most recent quarter, sales increased 11% to $264 million on a 19% increase in oil equivalent production, which moved to 90,000 barrels per day.

The hook for the story behind this stock is the Lindbergh thermal project, which will use steam to squeeze oil from Canadian tar sands between Alberta and Saskatchewan. The project is currently moving out of the pilot phase and into the first phase of commercial production, which is expected to take the run rate from 1,600 barrels per day to 12,500 barrels per day by early 2015, as pump volumes respond well to relatively modest steam injection pressures (compared with other tar sands projects). Translation: The tar sands in this property are juicy with crude, relatively speaking.

By the end of 2018, following two more expansions to this property in Canada's frigid north, production is expected to swell to 50,000 barrels per day.

The advantage of Lindbergh's low pressure production is that it will deliver stable cash flows, low maintenance costs and the kind of capital efficiencies needed to support the stock's 9.2% dividend yield. And it will be producing the heavy type of crude oil that refineries in the U.S. Gulf Coast are set up to process, giving Canadian thermal oil the opportunity to displace Venezuelan and Mexican oil imports.

I like this idea so much that I've already added PGH to my Edge Letter Sample Portfolio.

Logitech

Logitech

This ubiquitous maker of computer peripherals, keyboards and mice has been hit by the shift away from desktop computers toward mobile devices and tablets. Logitech (LOGI) shares suffered as revenues dwindled and earnings turned negative. The company lost $1.44 a share in fiscal 2013.

But Logitech could be on the cusp of a turnaround, as shares have spent the past eight months basing near $7. Credit Suisse analysts recently upgraded the stock to neutral from underperform ahead of a number of new product launches (PC gaming, keyboard covers and audio) and based on their view that management's guidance for current year earnings is cautious. Management is looking for $2 billion in revenue.

Image: Anthony Mirhaydari - MSN Money

Anthony Mirhaydari

The company's new CEO, Bracken Darrell, is aggressively moving to cut costs, boost the profitability of its PC business and increase its presence in mobility computing. Logitech also recently launched a version of its popular ultrathin keyboard cover for the iPad mini.

A move above $7.25 would take shares above the declining channel I've annotated in the chart above (representing support and resistance zones) and would be a massive buy signal as buyers take the reins.

For more aggressive players

Beyond these three picks, I'm also recommending that aggressive traders use a mixed portfolio featuring shorts against weak tech stocks like Facebook (FB) and BlackBerry maker Reasearch In Motion (BBRY), as well as emerging market stocks via the ProShares UltraShort FTSE China 25 (FXP) exchange-traded fund. I've recently closed profitable shorts against mortgage real estate investment trusts such as NorthStar Realty Finance (NRF) and Annaly Capital Management (NLY).

I've also mixed in a few long positions in precious metals as gold and silver come back to life, via plays like AuRico Gold (AUQ) and Silver Wheaton (SLW).

But keep in mind that these are swing trade plays for traders. Particularly before you short, make sure you know the risks.

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Over the last few weeks, I've recommended that folks start harvesting profits. That gives you have cash to redeploy when conditions are right. So consider adding these three stocks to your watch list until you find the right time to pounce on them.

At the time of publication, Anthony Mirhaydari did not own or control shares of any equity mentioned in this column in his personal portfolio. He has recommended PGH, FXP, AUQ, and SLW long to his clients. He has also recommended FB and BBRY short.

Be sure to check out Anthony's new money management service, Mirhaydari Capital Management, and his investment newsletter, the Edge. A free, two-week trial subscription to the newsletter has been extended to MSN Money readers. Click here to sign up. Mirhaydari can be contacted at anthony@edgeletter.com and followed on Twitter at @EdgeLetter. You can view his current stock picks here. Feel free to comment below.