Mike's Mid Day Minute is available to members on Monday, Wednesday & Friday evenings, with one article per week available to non-members. Members please login and see "Mike's Mid Day Minute" in the navigation menu towards the top of the page.
EMC Retraces After Plunge
EMC Corp. (NYSE: EMC) has hit a high of 20.52 today, which represents a complete retracement of the plunge in prices last Wednesday and Thursday in sympathy with disappointing results from the cloud computing sector.
From a technical perspective, the ability of EMC to hold above 20.50 increases the likelihood that the current upleg from 19.39 will climb towards my next optimal near-term target zone of 21.00/15.
Only a break below 20.10 will weaken the outlook, while a violation of 19.80 will invalidate it altogether.
