The Israeli stock market is hot, and

Stockpickr

has a bunch of ideas about how to capitalize on it.

The shekel is stronger than ever relative to the dollar, and Israel has reportedly surpassed Canada as the foreign country with the most companies listed on the

Nasdaq

.

Tech investment in Israel has been going up 20% year over year and is now at the highest levels since 2000. The Israeli market has been on a tear, up 15% this year so far.

Several Stockpickr members have put together lists of the cheapest Israeli stocks. Stockpickr member Ira Krakow has been putting together an

interesting portfolio

. And we also have the portfolio of

cheapest members of the Nasdaq Israel Index

, as ranked by factors like P/E and EV/EBITDA.

One interesting pick is

Ampal-American Israel

(AMPL)

, a private-equity firm (like

Blackstone

, for instance) that owns stakes in Israeli companies, including a natural gas company that is building a pipeline between Egypt and Israel, various shopping centers, retail chains and retirement homes, among other entities.

One company that has been permanently on the cheap list that I believe is poised to break out is

Check Point Software Technologies

(CHKP) - Get Report

. The security software company has a forward P/E of just 14 vs. competitors like

Symantec

(SYMC) - Get Report

at 16 and

VeriSign

(VRSN) - Get Report

at 20. The company has $700 million in cash with no debt and has met or exceeded analyst estimates in each of the past four quarters.

And I'm not the only one to think Check Point is cheap. It makes its way onto

Stockerblog's list of cheap security software stocks

and is also on the portfolio of

Citigroup's Buyout Candidates

, a list of companies the bank's research team believes would be attractive takeovers.

Generic pharmaceutical maker

Teva Pharmaceutical

(TEVA) - Get Report

is also on the list with a P/E of just 9. Teva on Monday

won a case against

Novartis

(NVS) - Get Report

, which was trying to prevent Teva from selling a generic version of Lotrel, a blood pressure drug.

Syneron Medical

(ELOS)

is a company squarely situated in one of the best demographic trends to hit the investment world: Their RFID treatments are used for wrinkle removal, hair removal and varicose vein treatment. The company has a forward P/E of just 13 and an excellent balance sheet with $125 million in cash and zero debt.

Super investor Seth Klarman, author of the book

Margin of Safety

(which sells on Amazon for over $800), owns shares of Syneron. For Klarman's full portfolio, check out the

Seth Klarman portfolio

at Stockpickr.

Other interesting Israel picks include:

Magal Security Systems

(MAGS) - Get Report

, which also appears in the

Homeland Security portfolio

.

Answers

( ANSW), which recently appeared on

Barron's

list of

Internet content players

that might be possible takeover candidates. Answers also has been mentioned by

Mark Cuban

as one of his holdings.

For the full list of cheap or interesting Israel picks check out

The First Israel Fund

and the portfolio of

cheapest members of the Nasdaq Israel Index

.

At the time of publication, Altucher and/or his fund held no positions in any of the stocks mentioned, although positions may change at any time.

James Altucher is president of Stockpickr LLC, a wholly owned subsidiary of TheStreet.com and part of its network of Web properties, and a managing partner at Formula Capital, an alternative asset management firm that runs several quantitative-based hedge funds as well as a fund of hedge funds. He is also the author of

Trade Like a Hedge Fund

and

Trade Like Warren Buffett

. Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. Altucher appreciates your feedback;

click here

to send him an email.

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