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Editor's Note: This is a bonus story from Gary B. Smith, whose commentary usually appears only on


, where it was published today at 8:31 a.m. We're offering it today to

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Let me disclose right up front that I am long


(MRK) - Get Merck & Co., Inc. Report

. Let me also disclose that I'm not happy about it!

The question on everyone's mind, however, is whether this latest drop is a buying opportunity. Some will argue that litigation will drag on, giving you a much lower entry price than you have now, and others will argue that Merck has more than enough cash reserves and that this is nothing more than


(MO) - Get Altria Group Inc Report

all over again.

As usual, I defer to the chart and there the story is clear: Right now the stock is just starting another leg down and surely not bottoming out. That makes buying Monday morning not risky, but stupid.

Just calling 'em as I see 'em, and remember that's from someone who owns the stock!

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What's not stupid? Trying to pick the stock up in the $15 area.

Today, the

Dow Jones Industrial Average





Micron Technology

(MU) - Get Micron Technology, Inc. Report



(COBZ) - Get CoBiz Financial Inc. Report


Dominos Pizza

(DPZ) - Get Domino's Pizza, Inc. Report





Charts produced by TC2000, which is a registered trademark of

Worden Brothers Inc.

And that is the final word from St. Elmo Avenue, where lately I've taken a shine to Quizno's subs. Yeah, there really is something about those toasted buns!

At the time of publication, Smith was long Merck, although holdings can change at any time.

Gary B. Smith is a freelance writer who trades for his own account from his Maryland home using technical analysis. Under no circumstances does the information in this column represent a recommendation to buy or sell stocks.

Smith writes a daily technical analysis column for and also produces a daily premium product for called The Chartman's Top Stocks --

click here for a free two-week trial. While Gary cannot provide investment advice or recommendations, he appreciates your feedback;

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to send him an email.