The last 30 days have been full of ups and downs for the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO), with the end result currently being a 1.5% gain for the index.

Contributing to these gains were shares such as Fortescue Metals Group Limited (ASX: FMG) and BHP Billiton Limited (ASX: BHP) which climbed by 28% and 15%, respectively. Their strong performance was largely down to the rebound in oil and iron ore prices.

But unfortunately it hasn’t been a great 30 days for all shares on the index. In fact, there were some notable names taking steep declines during the period.

I expect many investors may now wonder if there are some bargain buy opportunities amongst them. So let’s take a look at the following three:

Myer Holdings Ltd (ASX: MYR)

It has been a terrible 30 days for Myer shareholders who have watched on in horror as its share price lost 17% of its value. Despite this decline leaving its shares priced at just 10x trailing earnings, I still continue to be bearish on the company’s prospects.

In my opinion department stores are arguably outdated shopping concepts that will struggle for growth in a changing retail environment. Consumers appear to favour online shopping, Westfield Corp Ltd (ASX: WFD) shopping centres, and fast-fashion retailers such as H&M these days.

I personally would avoid Myer shares. At such a low multiple there is a chance that the share price will rally higher, but it is just too much of a risk for my liking.

Pacific Brands Limited (ASX: PBG)

Pacific Brands is the owner of well-known brands such as Bonds, Berlei, Jockey, Tontine, and Sheridan. Although its shares have taken a 14% dive in the last 30 days, shareholders will be comforted with the knowledge that they are still up almost 11% year-to-date.

The shares unsurprisingly rallied strongly after the company announced fantastic interim results in March. Sales increased by almost 9% to $425 million, compared to the same period a year earlier.

Considering around 80% of its cost of goods sold is settled in US dollars, the recent strengthening of the Australian dollar will have been a great relief to the company. I feel this could help the company continue to grow its earnings at a strong rate, making the current share price look a great entry-point.

Qantas Airways Limited (ASX: QAN)

The share price of Qantas Airways descended by almost 17% in the last 30 days. The majority of these declines have come in the five days following the company’s announcement that it was experiencing softening demand domestically.

According to Commsec, analysts have downgraded the company’s earnings estimate by 10% for FY 2016 from 64.3 cents per share to 57.7 cents per share.

I believe the sell-off of its shares could have been overdone, presenting investors with an opportunity to invest at a good price now. However, this is an investment not without risk, and if the soft demand persists the share price could yet go lower.

As an alternative to the above shares, I would suggest taking a look at these three blue chip shares which could skyrocket this year.

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Motley Fool contributor James Mickleboro has no position in any stocks mentioned. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.