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Almost all stocks have been hit very hard in the past couple months. The markets have fallen for almost seven weeks in a row. As with every market sell off, this has created some significant opportunities. The stocks below are trading at valuations that appear to be a major buying opportunity. Based on current valuations, these stocks could double or triple. Plus, these stocks have shown some strength and were able to trade strong or even up in the face of the market's huge plunge yesterday. Stocks that show strength as the market drops nearly 200 points in a single day are often sending signals that they are likely to move up soon or be the first to lead the markets in any rebound. Here are some stocks to consider buying based on their recent strength and dirt cheap valuations due to low PE ratios, cash on the balance sheet, and/or price targets:

Antares Pharma Inc., (AIS) is trading around $1.92. Antares is a biotechnology company, based in New Jersey. These shares have traded in a 52 week range of $1.32 to $2.17. The 50 day moving average is $1.76 and the 200 day moving average is $1.61. Earnings estimates for AIS are for a loss of 4 cents per share for 2011 and profit of 18 cents for 2012. Antares recently announced that the FDA has agreed to review its application to market Anturol Gel as a treatment for overactive bladder, and expects to make a decision by early December. These shares look ready to break out to new highs after a minor pullback. Even after a recent pullback these shares are trading higher than they were two weeks ago and remain in an uptrend. I am planning to buy these shares this week. Oppenheimer recently upgraded these shares to outperform and set a price target of $3.20. I think these shares could double to about $3.75, as more upgrades are likely.

LDK Solar (NYSE:LDK) is trading at $7.47. The 50 day moving average is $9.34 and the 200 day moving average is $10.79. LDK has very strong earnings and based on guidance from the company, it appears it could earn over $3 per share in 2011. This puts the PE ratio at less than 3, which is extremely low for one of the leading low cost solar companies. After a sharp correction in the solar sector, LDK has been rebounding for the past few days and was able to close almost 2% higher on a day the Dow plunged almost 200 points. With these shares still trading at bargain levels and many shorts needing to cover, it is likely that LDK will push higher still, and get closer to or touch the 50 day moving average as shorts continue to cover. Shorts don't want to be in stocks that go up when the markets and most stocks are plunging and the strength today in LDK (and over the past few days) is likely to cause many shorts to find better opportunities and take risk off. These shares could double in the next few months and would still just be around their 52 week high. Even if these shares doubled to $15, they would still be cheap, and trade for only about 5 times earnings.

Hooper Holmes (NYSEMKT:HH) is trading for about 72 cents. Hooper Holmes offers health exam and other medical services, which are often used by insurance and other companies. This "undiscovered" company has a rock solid balance sheet with no debt and about $20 million in cash, which works out to be about 28 cents per share. Hooper Holmes has about $165 million in revenue and yet the current enterprise value is only about $28 million. Heartland Advisors, Inc. (which is run by famed value investor Bill Nasgowitz) is reported as owning a very significant stake of about 13.8 million shares, which is equivalent to about 20% of the company. See this and other significant ownership stakes. These shares have been holding strong for the past several days and I believe they should be trading for at least $1.50 per share. I can't find any small cap stock as cheap as HH, with the cash on the balance sheet equaling almost half of the current share price and the enterprise value of HH being about 1/5th of annual revenues. I believe these shares are bound to head higher due to their extreme undervaluation, and this company could be a takeover target. Even if these shares doubled to about $1.50 per share, they would still be cheap when considering the revenues of roughly $165 million per year and the balance sheet with other small cap stocks. If management reports higher profits soon, or a takeover is announced, these shares could easily more than triple from current levels and trade over $2.50.

Jinkosolar Holding Co., Ltd. (NYSE:JKS) is trading at $25. The 50 day moving average is $25.01 and the 200 day moving average is $26.54. JKS has earnings estimates of about $6.74 per share for 2011. This puts the PE ratio at about 4. The shares have received multiple buy ratings with price targets of about $40 for these shares. Not long ago, Jinkosolar announced a share buyback for $30 million. JKS shares have also been rebounding in the past few days, and closed up Wednesday as the market plunged. These shares recently dipped to about $20 and could be on their way to doubling from that level to around $40.

Vantage Drilling (NYSEMKT:VTG) shares are trading at $1.80. Vantage is an offshore drilling company. These shares have traded in a range of 99 cents to $2.26 in the last 52 weeks. The 50 day moving average is $1.85 and the 200 day moving average is $1.82. The book value is stated at $2.60. These shares have shown strength and have been able to stay close to the 50 and 200 day moving averages. Many stocks are now significanty below their 50 and 200 day averages so this relative strength by VTG is promising. I do not expect these shares to double soon, but in 12 to 18 months, if management executes, these shares could double to about $3.60.

Disclaimer: Data sourced from Yahoo Finance. The information and data is believed to be accurate, but no guarantees or representations are made. Rougemont is not a registered investment advisor and does not provide specific investment advice. The information contained herein is for informational purposes only.

Source: 5 Dirt Cheap Stocks Poised to Double