Event-related potential (ERP) studies of affective picture processing have demonstrated an early posterior negativity (EPN) for emotionally arousing pictures that are embedded in a rapid visual stream. The present study examined the selective processing of emotional pictures while systematically varying picture presentation rates between 1 and 16 Hz. Previous results with presentation rates up to 5 Hz were replicated in that emotional compared to neutral pictures were associated with a greater EPN. Discrimination among emotional and neutral contents was maintained up to 12 Hz. To explore the notion of parallel processing, convolution analysis was used: EPNs generated by linear superposition of slow rate ERPs explained 70%-93% of the variance of measured EPNs, giving evidence for an impressive capacity of parallel affective discrimination in rapid serial picture presentation.