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Pastimes : From A to Zeev" -- SI Sacks Zeev -- Ignore unavailable to you. Want to Upgrade?

To: Jack Clarke who wrote (139)	1/4/1998 8:36:00 AM
From: Zeev Hed	Read Replies (1) \| Respond to of 708

Jack, in the current environment, I do not think that MRK is a buy here. My rationale is that currently MRK is selling in the middle of its traditional PE ratio, but I believe the whole market will ratchet PE's down. MRK is forming a tripple top which is also negative. In the last decline MRK broke an important upward channel, and while the recent ascend repaired some of the technical damage, in a real bear scenario I could see MRK going down to the lower part of its PE ratio range (about 15) and thus down to the mid to high seventies. If MRK penetrates the tripple top decissively, all bets are off (and possibly my negative scenario for the next few months). Zeev