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When the market dips, even the good stocks dip as well, as seen recently. However, this allows for great buying opportunities with higher upside potential. I mentioned these four stocks last month as great buying opportunities. The current upside is over 6% for the month, and I expect this trend to continue for months to come. Below are the four I mentioned in my article last month. If you do not own any of these stocks, right now is a perfect opportunity to invest:

Fifth Third Bancorp (FITB) is a diversified financial services company. The Bancorp operates in four business segments: Commercial Banking, Branch Banking, Consumer Lending and Investment Advisors. The current market price is $12.12 with a one-year analyst price target of $14.28. I mentioned this stock at $10.62 (over 14% increase for the month). FITB is still right on track for continued strong growth, and if you did not take advantage last month, right now is still a great chance. The stock has a 4 star S&P rating and higher than expected earnings for the last five quarters. Despite the 14% increase for the month, FITB's current Forward PEG of 0.3 represents an 86% discount to its Banks Subsector average. Also, current Trailing P/E of 10.2 represents a 48% discount, further proving the great buy opportunity. Another key point to keep in mind is FITB offers a dividend yield of 2.7% for added income.

Southwest Airlines Co. (LUV) is a passenger airline that provides scheduled air transportation in the United States. The current market price is $8.18 with a one-year analyst price target of $12.48. This represents a 52.57% upside potential. I mentioned this stock at $7.73 (5.76% increase for the month). LUV is a fantastic stock and a complete steal at this price. LUV offers a dividend yield of .2%, but this is not the reason why it is a strong buy. LUV has the lowest operating cost structure in the domestic airline industry and consistently offers the lowest and simplest fares. Also, LUV boasts a strong financial position versus its peers, which allows it to be flexibly in expanding despite high fuel cost. Finally, the acquisition of AirTran gives Southwest more market exposure in different regions including Atlanta, the busiest airport in the U.S. If you did not capitalize on last month’s recommendation, right now is still a good time.

Frontier Communications Corporation (FTR) is a communications company providing services predominantly to rural areas and small and medium-sized towns and cities. The Company offers a variety of voice, data, Internet, and television services and products, some that are available a la carte, and others that are available as bundled or packaged solutions. The current market price is $5.65 with a one-year analyst price target of $6.92. This represents a 22.48% upside potential. Last month, I mentioned this stock at $5.86 (current loss of 3.67% for the month), which makes this stock an even better buy. One overlooked fact with Frontier is the acquisition of defined assets and liabilities of Verizon on July 1, 2010. FTR currently offers a dividend yield of an amazing 13.2% and is backed by strong free cash flow. FTR's year-over-year revenue growth of 79.7% is the highest within its Fixed Line Telecom subsector, yet Forward PEG of 3.9 represents a 18% discount to its 5-year average of 4.8. Frontier continues to expand its broadband services and is on track to reach its goal of at least 85% of homes by the end of 2013. This stock is a five-star pick for growth and income.

Xerox Corporation (XRX) provides a portfolio of document technology, services and software, and the diverse array of business process and information technology [IT] outsourcing support. The current market price is $8.20 with a one-year analyst price target of $10. This represents a 22% upside potential. I mentioned this stock at $7.20 (13.89% increase for the month). The current dividend is still healthy at 2.1%, and this stock is still a strong buying opportunity. XRX has new and superior products that are expected to generate a substantial amount of revenue for the company. Also, the increase in cash and cash equivalents has improved the financial standing of the company and enhanced its liquidity and financial flexibility. Finally, the acquisition of ACS has a huge role to play in establishing XRX as one of the largest business process enterprises in the world. I believe this stock is poised for a huge turnaround and expect a recovery back to $20 levels.

Disclosure: I am long FITB, LUV, FTR, XRX.

Source: 4 Budget Stocks That Are Still Cheap