Relax, I posted earlier today that support would be between 36.50 and 37.50. It looks to me like that is going to be the case. I also posted that the over all market would rally this afternoon and into the weekend. This too appears to have started.
We have simply been in a "digestive" stage as the market, AND EMC, needed time to digest the move upward last week.
The fact that EMC moved down on lower volume is a possitive for the stock. Look for EMC to move up from here on heavier volume.
IN short, RELAX. Just a guess, but I think we move higher from here going into the weekend. Good day, UMP.
I've read your messages today, and I'm impressed with your call. What frustrates me is the seemingly "flimsy" reasons for the market to rally strongly, and the shortsighted and wrong (in my view, at least) market interpretation of data. For example, the strong housing numbers were not initially interpreted bullishly, and then about 1 p.m. or so buy orders came in and the market took off. We all know the housing numbers were the initial impact of rate cuts (refinancing, etc.). I don't see this information as pertinent to anything other than the housing market.
I have successfully fought the "train's leaving the station" psychology when the market moves dramatically, except when Greenspan acts unexpectedly. I do want to own EMC for the long haul but am convinced there is further weakness ahead for the entire market. What other signs should I be looking for to know EMC won't go any lower?