I am in the same boat.
bought 2500 EMC stock with the hope that it will catch up with VMW.
even though i am happy that they have done great so far, but its valuation is still far from 86% ownership of VMW priced at $113.
but i did buy PUTs of VMW to lock my investment in EMC.
if VMW drops, its going to bring down EMC (even though VMW is not lifting EMC with the same momentum, but remember this is a bearish market)