Like the vast majority of investors right now, I'm cautious on the stock market's near-term prospects. The fact of the matter is that there is a lot of investment risk for investors to consider: Inflation, interest rates, oil prices, wars, corporate earnings, and the slowing economy. There isn't much bullishness in today's equity markets.

With this in mind, there are still individual opportunities out there that represent attractive investments for those wanting to be speculating.

I still believe in the recovery of the telecommunications industry and I think individual investors can do well owning stocks in this industry.

One micro-cap company that I like in the telecom sector is TTI Team Telecom Intl. Inc. (NASDAQ/TTIL). This is an Israeli company providing network management and support software to all kinds of telecommunications companies. I've mentioned this company before in this column.

A larger company that looks attractive right now is Comtech Telecommunications Corp. (NASDAQ/CMTL).

Comtech makes all kinds of technological products for the telecom and communication industry. Based in Melville, New York, Comtech operates three main business segments: Telecommunications Transmission, Mobile Data Communications, and RF Microwave Amplifiers.

The company's Telecommunications Transmission division provides equipment and systems for satellite, over-the-horizon microwave, and wireless line-of-sight telecommunications. The Mobile Data Communications segment offers satellite-based mobile tracking and messaging services, as well as mobile satellite transceivers primarily for defense applications. Finally, the company's RF Microwave Amplifiers segment designs and markets broadband amplifiers in the microwave and radio frequency spectrums for defense, medical and health, satellite communications, and instrumentation.

According to the company, its revenues for the three months ended April 30, 2006 (its third fiscal quarter of 2006) grew to $89.0 million, up from revenues of $75.4 million generated in the comparable quarter last year.

Net income for the latest quarter was $8.7 million, or $0.33 per diluted share, as compared to $8.4 million, or $0.32 per diluted share, for the three months ended April 30, 2005.

According to the company, its backlog as of April 30, 2006 was $138.3 million, and management expects fiscal 2006 to be the company's most successful in history.

Comtech has a track record of success, both operationally and on the stock market. If I had new money to be invested in the stock market right now, I would consider this company as a long-term opportunity.