"Blood in the streets" picks

http://www.economist.com/finance/displaystory.cfm?story_id=10113339

I too look for "blood" to find some good buying opportunities. I got around to reading this article, which paints a picture of what may happen. I like the graph of mortgage CDOs in particular. we still have over $11K in cash ready to pounce when the blood is spilled. What are our options?
I usually like to play high beta and alpha stocks or ETFs. So yes, EEM, EWH, even RIMM and AAPL depending on how far they've dropped.
US banks? they've fallen so far, we could make some money on a dead-cat bounce. but this requires some timing.
I think earnings season is around the corner, so capitulation might be coming sooner than later. Shall we agree on some targets in prep for the volatility.

Aside question: can we trade options in our Etrade account ?? I'm thinking of a straddle play on RIMM prior to earnings.