Another Choppy Monday In The Markets -- Yawn.

If, due to the Euro-zone instability, Merck trades below $30 on the NYSE in the next few days, it will be a screaming buy.

Getting MRK with a handle that starts with a $29 would be a steal. You heard it from me -- and everyone here knows, I am a Merck skeptic.

Simply put, Merck is fundamentally undervalued at any $29 and change price -- even in today's choppy markets. The markets will recover, and Merck will rise -- to at least $34, in a more rational market.

Do your own diligence, here, but Merck is a far more sound company, fundamentally, than Schering-Plough ever was.

[As an aside, Merck's CFO, Peter Kellog, will present at the Morgan Stanley Healthcare Conference (webcast link there) in New York tomorrow morning, at 8:35 am EDT. I don't expect anything new, of material import.]