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). The security software company has a forward P/E of just 14 vs. competitors like Symantec ( SYMC) at 16 and VeriSign ( VRSN) 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.