A majority of the stocks on my Emerging Growth Top 5 list this month are high-tech plays. That’s because one of the most important tailwinds that is helping certain small cap stocks outperform the market is innovative technologies that catch on no matter the economic environment.

I’m a strong believer in portfolio diversification, but investors also have to go where the strength is — and clearly technology has been the place to be in 2010. Technology has the largest sensitivity to a falling dollar, as well as revived corporate spending. As a result, small caps and particularly technology small caps are trouncing the market.

To help you get your share of the small cap profits in November, here are my five favorite stocks to buy this month. All but two of them are high-tech plays!

Polypore International (NYSE: PPO) rises to the top of my Buy List this month. The company makes polymer-based membranes that are used in lithium-ion batteries. With the world going ever greener, the lithium-ion battery industry is going to be a huge growth market in the next several years.

PPO is at the forefront of this industry, and the rewards of that position. On Nov. 3, Polypore International reported that its third quarter net income doubled to $12.4 million, or 27 cents per share, up from $6.5 million, or 14 cents per share, a year earlier. The stock has been performing well in recent weeks, and these earnings show PPO has strength going forward.

Buy PPO under $36 per share.

Acme Packet Inc. (NASDAQ: APKT) makes communications equipment that connects networks operated by service providers and enterprise customers. Networking is an incredibly profitable industry these days with ever-faster networks being set up around the world each and every day.

On Oct. 28 APKT announced earnings for the third quarter, logging a 140% year-over-year increase in profits. The company reported net income of $13.6 million, or $0.20 per share, in the quarter, compared with $5.7 million, or $0.09 per share, in the third quarter of 2009. This beat analysts’ estimates of $0.19 per share by 5%. Sales also increased in the quarter by 56% to $56.6 million from $36.3 million. Analysts had been expecting $55 million, resulting in a 3% surprise.

As a result of the strong report, the company raised full-year guidance. APKT now expects yearly sales of between $220 million and $221 million, up from previous guidance of between $214 million and $218 million. Earnings are expected to fall between $0.76 per share and $0.77 per share, up from a previous forecast of between $0.72 per share and $0.74 per share.

APKT is up more than 100% since I first recommended it in May. Buy below $47.

Netflix Inc. (NASDAQ: NFLX) posted a stellar round of earnings results on Oct. 20 and remains in the No. 3 position this month. The stock met analysts’ estimates, but it surprised everyone with the number of new customers it brought on in the quarter. The company increased its subscribership by 2 million, ten-times greater than the 200,000 new subscribers it had expected to bring on. As a result of the surge in subscribers, the company increased sales 31%. Total sales in the quarter were $553 million, roughly in line with analysts’ estimates.

Continue to buy NFLX while it remains under my Buy Below price of $195.

Mesabi Trust (NYSE: MSB) has gained 64% since my recommendation in September and 222% overall in 2010. Mesabi Trust is a unique company in that it collects royalties and bonuses from the sale of iron ore shipped from Northshore Mining’s Silver Bay, Minn. facility.

The stock experienced some profit-taking earlier this month during one of the market’s down days, but since has regained its losses and is once again on a clip. This stock has an incredible dividend, one that was just raised to 13.75% and will be paid on Nov. 20 to all stockholders of record as of Oct. 30.

Hurry up and buy shares while they’re under $49 so you can take advantage of this great dividend.

Radcom (NASDAQ: RDCM) is very thinly traded and is followed by few analysts, but it sure does pack a punch. The stock is up a remarkable 144% in the last six months. Day-to-day this stock can be very volatile and oftentimes it is one of the biggest movers on my Emerging Growth Buy List (both in the positive and negative direction), but overall the trend is incredibly positive.

This stock reported quarterly results at the end of October, posting a 277% increase in earnings and a 54% increase in sales on a year-over-year basis. There are no estimates to compare the results with, but the market has reacted favorably to the numbers.

Buy RDCM under $13 per share.