By Nancy Zambell of InvestorPlaceIt's becoming a bit of a broken record, but the refrain "another challenging month" does apply to the current market environment. There were a host of factors influencing stocks and keeping their value down in June, but I think there are three primary developments that had investors running for cover. First, there was China and its recently downward revised leading economic index. Second, we had the uncertainty of new financial reform legislation, which made already nervous investors even more edgy. Finally, we saw lower readings in housing, employment and consumer confidence. Many of the factors weighing down this market are sure to improve going forward. China's economy is still going strong, and we'll soon see final legislation on financial reform signed by the president. As for housing, employment and consumer confidence, well, those are more of an open question. What isn't an open question, however, is the existence of sound investment opportunities. In fact, I know that with careful selection we can use the current volatility to make money. You see, there are plenty of fundamentally strong yet undervalued companies that the mainstream investment community hasn't picked up. Which stocks am I referring to? The following are my current top five undervalued stock buys.