Remember that early May rally, when Cisco (CSCO) - Get Report said some good things about its earnings? Remember how the Nasdaq soared?

So why was Dell's performance Friday so poor? On its good news, Dell couldn't even manage a move higher than it was earlier in the week. We should care about the reaction to the news and not the news itself. And Dell's reaction to this good news wasn't exactly the type of barn-burning action we want to see if we're long Dell, is it?

But let's contrast that action to that of EMC (EMC) over the past few weeks. EMC has rallied in the past couple of weeks from $6 to $8.50. Hey, that's more than 40%! But I don't see anyone raving about EMC.

EMC Rallies Without Rave Reviews
It just looks like it got sold out

What's the difference?

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Helene Meisler, based in Shanghai, writes a daily technical analysis column. Meisler trained at several Wall Street firms, including Goldman Sachs and SG Cowen, and has worked with the equity trading department at Cargill. At time of publication, she was long Cisco, although holdings can change at any time. Under no circumstances does the information in this column represent a recommendation to buy or sell stocks. She appreciates your feedback and invites you to send it to

Helene Meisler.