The markets continued last week’s rally, giving hope that the correction that started four months ago might finally be drawing to a close. Value investors are already hunting for bargains, as U.S. stocks are now near multi-decade lows in valuations and highs in dividend yields.

But at the same time, the fears that led to the sell-off — a deteriorating U.S. economy and the threat of a sovereign debt meltdown in Europe — loom as threatening as ever.

Short of going to cash, and missing out on potential gains if the market ends up rallying, the best defense against a potential bear market is simply to buy stocks that are already so cheap that the risk of significant new declines is tolerably low. If the market rallies, they stand to benefit the most. But if the market takes another leg down, they will generally have much less to fall given their already low starting point.

For investors willing to brave the markets, the international telecom and equipment sectors offers some intriguing bargains.

We’ll start with China Mobile (NYSE:CHL). China’s largest mobile operator is a fine example of what happens when you buy a good company at the right price. China Mobile has weathered the present storm remarkably well, actually hitting new highs for the year while the S&P 500 plummeted into negative territory.

The company surprised analysts when it reported that its subscriber count grew by 11% in the first half of 2011. And the company already had 600 million subscribers. Earnings grew by 6.3% in the first half, but it’s not this year’s earnings that interest me — it’s the bigger macro trend. As the Chinese middle class expands and living standards rise, mobile operators like China Mobile should benefit from increased cell phone usage. Smart phones — and their lucrative data plans — also represent incredible opportunities for growth. Chinese consumers will gobble up roughly 50 million smartphones in 2011, according to estimates by the Financial Times, and this should increase to more than 110 million by 2015.

China Mobile is still cheap at 10 times earnings, and it yields nearly 4%. This is a conservatively run company selling what is fast becoming an essential service to an up-and-coming middle class population. China Mobile is a buy.

Research In Motion (Nasdaq:RIMM) is a fine example of a different sort. It is not a “good” company. It’s a mediocre company at best, and one whose products are getting soundly beaten by the Apple (NASDAQ:AAPL) iPhone and by phones running Google’s (NASDAQ:GOOG) Android. But at a price/earnings ratio of less than 5 and price/sales ratio of 0.7, the company doesn’t have to be good. It just has to survive, which shouldn’t be in serious doubt for anyone who bothers to look at the company’s financials. Any improvement at all in the company’s competitive position will likely be enough to send the shares flying.

Over the past month — one of the most volatile months in recent memory — RIMM is one of the few stocks to see modest gains. When the market turns around, as I expect it to shortly, RIMM is likely to significantly outperform. I expect RIMM to deliver triple-digit return in the next 12 months. RIMM is a buy.

More adventurous readers might want to consider Sprint Nextel (NYSE:S). The stock has been punished hard by investors, falling to $3.20 from nearly $6 as recently as June.

Sprint is a company that just can’t seem to get its act together. It has lost money every quarter for years. It has too much debt. Its merger with Nextel is widely believed to have been a mistake. And it has fallen far behind its rival carriers AT&T (NYSE:T) and Verizon (NYSE:VZ).

Still, Sprint is one of the cheapest stocks in America, trading for less than one third of sales and at less than 80% of book value. As with RIMM, Sprint doesn’t have to do particularly well as a business to see its stock price soar from current levels. It simply has to survive, and I do not consider the company’s survival to be in question at this time. I expect Sprint to double over the next 12 months. Sprint is a buy.

I expect the S&P 500 to end the year in positive territory. But even if I am wrong, and stocks continue to suffer, China Mobile, Research in Motion, and Sprint offer a realistic chance for a handsome return.

Charles Lewis Sizemore, CFA, is editor of the Sizemore Investment Letter. Sign up for a FREE copy of his new Special Report: “3 Safe Emerging Market Stocks for a Shaky Market.”