Down, down, down. It looks like July 6th was not a capitulation low, as we had no snapback from that low, not even a little retrace. A chart can't look much uglier than this.
Since I expect EMC to make 1$/share once IT budgets come back for the Fortune 500, I think current valuations are excellent.
EMC is weak even when the Nas isn't. If the Nas retests its April lows, we could see single-digits on EMC. For a while now, with NTAP, I've been saying, "only 13 more points of potential downside left......only 12 more points of potential downside left......only...." (and so on).
I guess it's time to start saying, "only 18 more points of potential downside left on EMC". Cheer up, the bottom has to be somewhere around here. Unless the Nasdaq decides that decimals were such a success, they will try negative numbers. |
