She likes: Adobe Systems (ADBE); people need its product to share files, and it has had years of solid earnings growth. Plus, at a recent $20.83, the stock is down sharply from its 52-week high near 46. Earnings per share are an estimated $1.80 for '09 and $1.99 for '10.

Mobile-software maker Sybase (SY) also makes her cut. "The stock is down big-time, the P/E is low at 13 and the price of sales is low for a growing mobile-software industry," she notes. The stock was recently at 24.86, down from a 52-week high near 37. Thomson Reuters puts earnings at $2.03 for '09 and $2.15 in '10.

Johnson & Johnson (JNJ) is a similar story. "It's very inexpensive at 58. The P/E is 14 on trailing 12 months. They are relatively immune to the slowdown because of their wide range of products," she says. Earnings per should could climb to $4.64 a share in '09 and $5.05 in '10.

As for short-selling picks, she is looking at some index exchange-traded funds: iShares S&P Small Cap 600 Index (IJR), SPDR-Utility (XLU), iShares Dow Jones Transportation (IYT), S&P Midcap(MDY).

As for short-selling picks, she is looking at some index exchange-traded funds: iShares S&P Small Cap 600 Index (IJR), SPDR-Utility (XLU), iShares Dow Jones Transportation (IYT), S&P Midcap(MDY).

As for short-selling picks, she is looking at some index exchange-traded funds: iShares S&P Small Cap 600 Index (IJR), SPDR-Utility (XLU), iShares Dow Jones Transportation (IYT), S&P Midcap(MDY).

As for short-selling picks, she is looking at some index exchange-traded funds: iShares S&P Small Cap 600 Index (IJR), SPDR-Utility (XLU), iShares Dow Jones Transportation (IYT), S&P Midcap(MDY).