To whittle down our best-of-the-bargains roster, we decided to focus on securities listed in the benchmark S&P 500 Index. We used each equity's price/earnings (PE) ratio as our guide. Specifically, we narrowed our list to those stocks whose current PE ratio was running at a discount to their average five-year PE ratio. This indicates that you're getting more for your investing dollars now than at almost any other time in the past half-decade. Not bad, if you're into bargain hunting.

In deference to the uncertainty of the times, many of these companies are names you recognize. Firms with a history of navigating previous macroeconomic meltdowns earn our particular respect, as do those who seem to be leaders in struggling sectors (we even unearthed a bank or two, believe it or not). While a fair number of these picks could be considered defensive, there are also a couple of more adventurous options suitable for adrenaline junkies.

We also eyed possible levels of technical support for each prospect, whether it was a long-term moving average or simply a reliable round-number level. From a contrarian perspective, these stocks got bonus points if they didn't sport overly ambitious analyst ratings (in this market, it can be hard for any company to live up to 18 different Strong Buy recommendations).

Finally, it's hard to tell where the market will be six months or a year from now, or even tomorrow. Volatility has become the norm, and we've all learned to expect nothing less than the unexpected. But if you're willing to ride out a few bumps and hang in for the long haul, you might consider doing so with one of our reduced-for-quick-sale picks.

Elizabeth Harrow is an analyst and financial writer in the research department at Schaeffer's Investment Research. She is featured in the video series Schaeffer's Daily Q&A on SchaeffersResearch.com.