Stocks opened lower but then bounced into the green on Friday as investors weighed the cheap valuations against the backdrop of economic uncertainty.

Although the crisis in Europe shows few real signs of abating, stocks have declined sharply over the past few sessions. JP Morgan’s Thomas Lee points out that 53% of stocks now have a P/E ratio of less than 12. That’s the lowest level since 2008.

Quite simply he thinks investors just can’t pass up a bargain. “Stocks get cheap enough that buyers are enticed," he says.

Lee goes on to suggest a slew of names are attractive; names such as Cognizant , Priceline , Tiffany , Coach, Intuit and F5 to name but a few.

Is he right? Are stocks just so cheap you should hold your breath and buy?

Instant Insights with the Fast Money traders

Jon Najarian agrees with Lee and suggests hitting the buy button. Najarian believes the market has made its low for the year and that 1120 will hold on the S&P. (Click here for an in-depth explanation of Najarian's bullish thesis.)