History to repeat? Last time HP was in this sort of "freefall" was mid-Dec 2010 when HP fell to below $42. What happened next? By mid-Jan, HP was almost $48, and by mid-Feb, HP was almost $49. In other words, the last time everyone was THIS negative, HP went up 14% within a month and another 2% the following month.
This is another buying opportunity. HPQ has strong cash flow, decent growth, and is dirt cheap.