We study the quench dynamics of a two-component ultracold Fermi gas from the weak into the strong interaction regime, where the short time dynamics are governed by the exponential growth rate of unstable collective modes. We obtain an effective interaction that takes into account both Pauli blocking and the energy dependence of the scattering amplitude near a Feshbach resonance. Using this interaction we analyze the competing instabilities towards Stoner ferromagnetism and pairing.
