jimbeetle - 4:52 pm on Oct 13, 2012 (gmt 0)

My EMD was hit hard. The drop in search queries as reported in Webmaster Tools is steep with the top ten terms now all in the red.

An EMD can only be an exact match for one term. Either you were caught in one of the other concurrent updates or the EMD algo also catches some PMDs, though I've always found Matt Cutts to be pretty precise in his choice of words.