As employee incentive plans vest I expect a steady stream of shares to sell on the market. Normally this isn't a catalyst to the downside but with tight float and low volume it could have an impact.
If we have a significant tech downturn, I would expect EMC management to repeat their well-timed moves of the last bust and acquire growth companies on the cheap. It makes sense to monetize the VMW stake to repeat their past success. I expect the process to begin in 2008 and pickup steam in 2009. I have shorted VMW and hedged with 2010 EMC LEAPs for this trade.