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9/29/98   MERRILL LYNCH  (MER)                                                              Points to Watch: In the spirit of waiting for the Fed to act, today's chart is neither a buy nor a hold-- it is a wait and watch.  MER is nearing long term support at 50. The stock is deeply oversold, but OBV continues in a steep decline. If the stock holds support, we look for a short term trading buy with a move up to resistance at 60. We also look for the other brokerages to stage a short term rally if MER holds support.  In the event MER falls through support, we look  for continued weakness in the financial sector and would consider shorting sch and the regional brokers.

 

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