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Many investors have seen their portfolio values drop about 15% or more in just a couple of weeks. When you see major market drops almost daily, it is easy to lose track of long term investing goals, and forget that market declines are when you can buy stocks on the cheap.

Whether the markets drop another 500 points or surges higher, there are stocks that will double or triple in the coming months and finding ones that have this potential could put your portfolio in great shape by 2012. While many investors are running scared and piling into crowded trades like gold and treasuries, it makes sense to be using the current fear by putting your cash to work and buying assets while they remain at bargain levels.

Here are a number of stocks that have been beaten down to levels that could allow them to double by 2012:

Central European Distribution Corp. (NASDAQ:CEDC) shares are trading at $5.42. CEDC is a leading beverage distribution company, based in Pennsylvania. The 50 day moving average is $9.62 and the 200 day moving average is $16.02. Earnings estimates for CEDC are 80 cents per share in 2011 and $1.23 for 2012. The 52 week range is $5.23 to $28.08.

Book value is stated at $23.83. At about 4 times earnings and trading for a fraction of book value, this is one of the cheapest stocks in the market and I expect a sharp rebound soon. This company has been the subject of takeover talk in the past and at this low price, a buyout offer is increasingly likely.

Ford Motor Co. (NYSE:F) shares are trading at $10.01. These shares have a relative strength index of about 29 which indicates the shares are oversold. The 50 day moving average is about $12.50 and the 200 day moving average is about $14.97, so these shares are trading well below major support levels.

Earnings estimates for F are $1.90 per share in 2011 and $1.98 for 2012 which puts the PE ratio at only 6. The price of oil has not dropped enough to indicate a global recession, but Ford shares have, if there is no recession or just a light one, Ford will rebound sharply.

ATP Oil and Gas Corp. (ATPG) is trading at $9.36. ATPG is an independent oil and gas company, based in Texas. These shares have traded in a range between $6.26 to $21.40 in the last 52 weeks. The 50 day moving average is $13.88 and the 200 day moving The CEO recently bought nearly $1 million worth of stock and two directors also made recent purchases totaling over $1.5 million. See that here.

E-Commerce China Dangdang (NYSE:DANG) shares are trading around $6.87. Dangdang is based in China and is often likened to be the Amazon (NASDAQ:AMZN) of China. These shares have fallen from a 52 week high of $36.40. The 50 day moving average is $11.76. Dang has earnings estimates around break even for 2011 and 8 cents for 2012.

DANG has posted extremely strong sales growth of about 53% and with the economy in China poised to grow much faster than the rest of the world for many decades, this stock has explosive potential. The Dangdang website is already ranked as the 68th most popular site in China, and could continue to climb over the years.

DANG has a current market cap of about $530 million and a enterprise value of about $280 million, due to the cash on the balance sheet of roughly $250 million. This stock is very oversold, back in June it was trading around $20 and now is trading for about a third of that value.

This reminds me of when Mercado Libre (NASDAQ:MELI) was pushed by shorts and panicked investors into the single digits during the financial crisis, only to see it rise back up to over $90 per share. This stock is also likely to see a short covering rally soon.

Renren, Inc. (NYSE:RENN) is trading at $6.80. Renren is a social networking company in China. Many call it the Facebook of China. The 52 week high is $24. These shares have dropped from recent highs of around $14 to current levels, and it could easily double from around $6.80 back to $14 level especially when the markets act a little healthier and when Facebook goes public.

Disclosure: I am long ATPG, CEDC, RENN, DANG.

The data is sourced from Yahoo Finance and 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.