Dear Member:
Other than Merck, our other open positions made little movement in either direction last week. With DELL and CSCO staying even; GE and WMT losing ground; and TEK moving upward for the week.
The $253 million Texas jury verdict against MRK related to its painkiller Vioxx knocked MRK down roughly 2.5 points late Friday afternoon. The verdict was also a drag on PFE's share price. With respect to MRK, we will have to watch the share price as the market has now had time to digest the verdict. Even though the ramifications of the verdict will take years to fully develop, the verdict does change an underlying fundamental that may make our MRK position hard to recover from quickly. Thus, this is a position that we don't see averaging down, but rather exiting soon.
Let's have a great week!
Success Trading Group
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