Zulauf: I recommend shorting the Consumer Discretionary SPDR, or XLY, an ETF [exchange-traded fund] reflective of consumer-discretionary goods and services. It trades for 31. The consumer is tapped out on home equity, which was a great force behind the spending boom of recent years.

Zulauf: I have recommended it several times over the years. Now it's $850 per ounce. The most important thing driving the price of gold is low real interest rates. Gold is also an anxiety indicator for the system, and this year may hold several more surprises. You can buy bullion through your broker or the GLD [streetTracks Gold Shares], and those who want to be more aggressive can buy the gold-mining ETF, GDX [Market Vectors Gold Miners].

Cohen: We also like Waste Management, which does exactly that. The stock is highly cyclical and often doesn't do well when the economy weakens.

Cohen: My third name,Rohm & Haas, also has been hard-hit. This is a chemical company with some special characteristics. It is trading at about 13 times our estimate for 2008: $3.90 a share. [Goldman subsequently lowered its '08 estimate to $3.80.] Its high was in excess of 60 per share, and it currently trades around 50. Return on equity could move somewhat higher in the next couple of years.

Cohen: The stock is selling for about 20. Like Intel, Xilinx is trading at about a four-year low on a relative and absolute P/E basis. It is trading for about 14 times our '08 estimates of $1.22 a share, and operating margins are about 24%. [Goldman subsequently raised its '08 forecast for Xilinx to $1.28 a share.] The company has a reasonable amount of cash, which it may use for share repurchases.

Faber: I would short an emerging-market index via the ProShares Short MSCI Emerging Markets exchange-traded fund.

Faber: You could also short the FXI, the iShares FTSE/Xinhua China 25, which mimics the 25 largest Chinese stocks listed in Hong Kong and China

Faber: And, there's an ETF, the ProShares UltraShort FTSE/Xinhua China 25, which appreciates twice as much when the Chinese market goes down.