Brigham Exploration (NASDAQ: BEXP) explores for oil and gas across the Anadarko Basin, the Texas Gulf Coast, and West Texas. According to Hoover's, since its founding in 1990, the company has drilled more than 731 wells. Additionally, BEXP was one of the first small independent exploration/production concerns to utilize 3-D seismic imaging technology in its business.

On November 6, BEXP reported third-quarter earnings (before items) of 8 cents per share as revenue jumped 20% to $31.1 million. Analysts were expecting per-share results of 6 cents on $31 million in sales.

Since forming a bottom around the $4.20 level in early August, BEXP has shot solidly higher along the support of its 10-day and 20-day moving averages. This rally has additionally enabled the stock to muscle above its 20-month (200-day) moving average. In fact, the stock ended October above this trendline, the first such monthly close north of this threshold since December 2006.

One of Thomas Jefferson's "Ten Rules" is: "Never buy what you don't want because it is cheap." I've had plenty of $8 shirts and $3 CDs that serve as haunting reminders of this axiom. (Marky Mark and the Funky Bunch? Oh, who am I kidding ... I did want that).

But there's a time and a place for a good bargain. Finding out your local museum offers free visits. Going out to eat on weeknights to score bargain prix-fixe dinners. Taking advantage of the day-after-Thanksgiving sales, torturous though they are.

The same wisdom applies to stock trading. An investor shouldn't scoop up 100 shares of company XYZ just because its price looks like a steal (it could, after all, be cheap for a reason). But there are single-digit stocks that happen to be beckoning for a breakout or ripe for a recovery. Move in at the right time, and you could wind up with a hidden gem for a bargain price ... just like my Marky Mark CD.

In the next few days, I'll be looking at 10 stocks below the $10 threshold that look like decent plays right now. Some will be short-term opportunities; others will be better suited for those who prefer to buy and hold. Naturally, these stocks probably won't all be winners -- consider some on par with those unworn clearance-rack shirts I've long since taken to Goodwill. But for those who say sub-$10 stocks aren't worth the certificates they are printed on, you may just learn something.

Beth Gaston Moon is an analyst at Schaeffer's Investment Research.

People bargain hunting in today's market need to remember that low prices doesn't equate to value. Cheap stocks are sometimes cheap for very good reasons but if you are selective, you may be able to find some bargains.

Take Home Depot Inc. (NYSE:HD). The No. 1 home improvement chain is struggling and is in the dog house with Wall Street because of the actions of its former Chief Executive Robert Nardelli. The company said today that its earnings this year would go down and sales would be flat as it invests $2.2 billion in fixing up its stores.

When companies announce plans to invest in their businesses, traders dump the stock. But remember, Home Depot shares are already beaten up. They are down 4 percent this year, while better-liked retailers such as Target Corp. (NYSE:TGT) and Costco Wholesale Corp. (NASDAQ:COST) are each up 9 percent.

The stock is cheap. Home Depot is trading at a forward price-to-earnings ratio of about 14, compared with 16 for Target and 21 for Costco. Of course, Home Depot is being hurt by concerns about the housing market, but everyone knows that already. The new Chief Executive Frank Blake also seems to be mending fences with Wall Street.

To make money in the stock market, you have to buy low and sell high. I know that's original observation, but keep in mind that successful investors don't buy stocks that everybody likes because the good news is already factored into the price.

Anyone who buys Home Depot -- and I don't care if you do or not -- or any other low-priced stock today shouldn't expect it to become the next Google Inc. (NASDAQ:GOOG) tomorrow. Investing requires lots and lots of patience and more than a little luck.

Happy hunting everyone.