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) - Get Report

.

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) - Get Report

: 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) - Get Report

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.

Apple (AAPL) - Get Report

and

Amazon.com (AMZN) - Get Report

: I group Apple and Amazon together for a reason. Both are leaders in the multiple spaces and sub-spaces they run in. And when the market takes a turn for the worse, they tend to lead any and all ensuing rallies.

I want to get long the stocks the market flocks to on a rebound. And despite my long-term bearishness on AAPL, I fully realize the company's near-term ability to dominate. But, more than that, it's psychological -- when all heck breaks loose, the market, over the last year or so, seems to look to Apple for comfort and a way out of the woods.

Viacom (VIAB: Nasdaq)

,

Disney (DIS) - Get Report

and

Time Warner (TWX)

: Despite weakness at Nickelodeon, Viacom posted

a solid quarter

when it reported second-quarter 2012 results last week.

For one reason or another, the market refuses to place a premium on diversified media companies like Viacom,

Disney

(DIS) - Get Report

and

Time Warner

(TWX)

, yet it continues to overvalue companies that operate from positions of weakness such as

Netflix

(NFLX) - Get Report

. It's stunning, but there seems to be more market excitement around an improbable turnaround at Netflix than there is with relation to three powerhouses who are directly responsible for a lion's share of what we watch on television and in the theater.

I am not one to look at price-to-earnings ratios but, in this case, they apply. As of Thursday's close, VIAB trades at a forward P/E of 9.56, DIS comes in at 13.16 and TWX at 9.88. It's patently absurd that Wall Street analysts only just got around earlier this year to knocking down estimates for Netflix, a company that sought $400 million worth of fundraising and warned of pending losses at the end of 2011.

How to Get Long

I can hear you saying, "Sounds great. I like these stocks too, but I am not ready to get long. Weakness will last for more than a day." Even if you're not saying that, keep this strategy in your back pocket.

When the market dives, put option premiums rise. That much is basic. On any of these stocks, you can write a put in an attempt to get long. Writing (or selling) a put means that, if assigned, you will have to buy 100 shares of the option's underlying stock for every put option you sold.

For instance, if you sold an AAPL May $560 put at Thursday's close, you would have collected about $4.35 ($435) in premium income. You keep that cash no matter what happens. If AAPL breaches $560, you can get assigned at any time between now and options expiration day next Friday. That means you would have to buy 100 shares of AAPL at $560, regardless of the stock's market price. But, that $4.35 credit brings your effective purchase price of AAPL to $555.65.

It's best to secure this type of trade with cash, not margin. If you have cash sitting on the sidelines waiting for an entry in a high-flyer like AAPL or a relatively sleepy stock like one of the media plays, writing a put might work for you. Obviously, your appetite for risk and micro and macro market sentiment dictates both the strike price and expiration date you select.

>>To see these stocks in action, visit the

6 Stocks to Play if the Market Tanks

portfolio on Stockpickr.

You can learn more about this and other options strategies by subscribing to my

Options Investing Newsletter

.

At the time of publication, the author was long INTC, TWX and VIAB. He holds the VIAB shares in a custodial account for his minor child

.