"'Don't catch a falling knife' ... The idea of buying a former superstar stock at a discount price certainly has its attractions, but you've got to make sure you catch the haft -- not the blade."

So runs the thesis of my recurring Fool column "Get Ready for the Bounce," in which we search the wreckage of Mr. Market's overturned cutlery drawer, hoping to find future winners in a pile of 52-week losers. But do we really need to sit around for a whole year, waiting for a potential bouncer?

Of course not. Sometimes, stocks fall far in far less time than a year -- and like a superball dropped from the balcony, the harder they fall, the higher they bounce. Today, we're going to look at a few equities that've suffered dramatic drops over the past week. With a little help from the 140,000 members of Motley Fool CAPS, we hope to find an opportunity or two for you:

How Far From 52-Week High?

Recent Price

CAPS Rating (out of 5):

Patriot Coal  (NYSE: PCX)

-35%

$11.57

*****

Elan (NYSE: ELN)

-42%

$5.31

****

Ambac Financial  (NYSE: ABK)

-66%

$1.20

*

Freddie Mac  (NYSE: FRE)

-46%

$1.18

*

Fannie Mae (NYSE: FNM)

-45% Continued...