EMC represents a low risk high reward ratio at its current levels. Over the past 4 months, EMC has dipped below 18 twice. With these two drops it quickly rebounded to 19+ a share. If it breaks 17.50 the next level of support is around $16.
I have just purchased 4 near term calls (EMCAC, strike price 15) on the dip this morning. I purchased for $3.10 and am looking to offload at 3.60 before FOMC minutes at 2pm. The market should correct itself as it anticipates the minutes. Thus far it has shown resistance at 18.00 mark.
Let's set off 2008 on the right foot.
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