Ok, just so we are clear that this is entirely speculative....
I believe the price of crude oil is too low at this point, and is poised to increase in the near future. I mean will OPEC seriously allow us to have sub-$50 barrels for long? They might be humoring us for now due to our weakened state, but I really doubt that they'll keep it up for long.
I also believe that the Dollar is over-valued at this point. We've already racked up a huge budget deficit, and it's slated to go up even more with Obama's albeit much-needed stimulus programs. And yet, the Dollar surges against the Euro (but not the Yen). Again, I don't think current levels are sustainable.
I also believe that the basic materials sector could rebound huge too, but I don't know if such a thing will actually happen in 2009. But that's an important indicator to watch out for when the market finally rebounds.
Of course, there's also the housing market, though I too doubt it rebounding by next year.
OPEC members cheat. A LOT!!! They really have no control over the price of oil. If they did, there would be no reason why would be sitting at $33/barrel for the January month -- The Feb month is higher, something like $44, but you get my point. I've read in various places that oil would have to get down to
$25/barrel for OPEC countries to actually stop producing.
I also love me the tobacco stocks... But they aren't exactly speculative. If you want speculative... Look into ANGO -- Angiodynamics.. They've got some very interesting technologies and are actually a pretty profitable biotech company.
Disclosure: In no way shape or form am I recommending you invest in any of the aforementioned equities. You should do your own due diligence before you take anyone's advice. I don't really even trust myself.....