The chicken littles of the financial world are certainly getting their chance to spread their wings a bit. Nobody seems to be in any rush to predict great things for the global economy in 2012 and the best that can be said of the European situation is that it's getting worse at a slower pace. When Oracle (Nasdaq:ORCL) disappointed the Street with a soft earnings report a few days before Christmas, it was just like squirting lighter fluid on a campfire.
Investors cannot afford to be blithely confident about any assumptions in IT. However, it is hard to see how EMC (NYSE:EMC) isn't a bargain at today's prices. While the company is vulnerable to weakness at home and in Europe, and clearly needs customers to keep spending, data storage is a critical IT priority for many companies and should keep EMC in relatively better shape.
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