Maybe not a STEC-like whack, but it doesn't cost much to bet on a miss here, with good upside if they do.
I think IBM (and ORCL) did poorly with their storage-related offerings (is that correct), and EMC may be holding up due to sympathy w/IBM. But IBM missed on the top line, and EMC may not be able to provide the type of positive guidance IBM did.
I was betting WITH VMW on calls that expired last week, thinking it would rise higher into earnings. Weakness in VMW stock would concern me, if I were holding EMC right now.
I'm usually wrong with my out-of-money option bets, by the way (although made a killing with ORCL).