6 Stocks to Play if the Market Tanks

Tickers in this article: AMZN INTC AAPL
NEW YORK ( TheStreet) -- In an article published by TheStreet on Wednesday, I said: it would not bother me if the market continued to correct, drop, tank or even crash .

It looks like I might get my wish, courtesy of JPMorgan Chase (JPM) .

Michael Baron of TheStreet offered a pretty solid assessment of the situation Thursday evening. Here's his take on how the market might react:

From a big picture standpoint, this is a spectacular piece of bad news coming at a time when the broad market's trend is clearly negative so it may be wise to look out below. Thursday was a breather session without a tremendous amount of conviction behind the gains in the Dow and S&P 500 , but the two preceding days each saw more than 4 billion shares change hands on the New York Stock Exchange, suggesting some real churning .

Nobody knows what will happen during Friday trade. However, I expect, barring an extraordinarily bullish development, stocks to be down considerably. While a 200-, 300 or even 400-point drop in the Dow would not surprise me, it's never a shock to see the market recover from a serious plunge and turn green.

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European contagion takes a backseat to worries that this latest derivatives debacle goes beyond JPMorgan. While I acknowledge and comprehend concerns that the sky is falling, the dust will settle just like it always does. I've been around long enough to know that.

As such, I want to keep my eye on weakness, assuming we get some Friday and even into next week, for buying opportunities. During times like this, I want to load up on the stocks of strong companies with plans for the future that the latest crisis simply will not derail.

In this article, I discuss six stocks I will have my eye on . I close by providing a strategy to get long, particularly if you think a down day on Friday does not signal the bottom.

Intel(INTC) : I own Intel. It's been a wild ride over the last month or so. With a May $28 call written against my position, it looked like the shares would end up getting called away at expiration. INTC traded as high as $29.27 on May 2. Since then, it has tanked. The stock shed more than $2.00 since notching that 52-week high, closing Thursday's session at $27.24. INTC was off another 0.59% in after-hours trading at $27.08.

It will be interesting to see how the market treats a stock like INTC on the JPMorgan news. Just before that story broke, Intel CEO Paul Otellini downplayed concerns from John Chambers at Cisco(CSCO) that enterprise tech spending was soft. In fact, Otellini came off somewhat bullish, waxing optimistic on Intel's emerging involvement not only in ultrabooks, but in tablets and smartphones.