From: Robert J. Farrell, Senior Vice President, Merrill Lynch -- February 2, 1996 -- I have been familiar with Walter Deemer's work for over 25 years. From the time he worked with us at Merrill Lynch in the mid 1960s to the present, he has been one of the more insightful technicians in the business. His depth of knowledge about markets gained on both the buy and sell side has given him a perspective that few technicians can offer. His weekly commentary which I have read in the last few years has shown a both a high batting average on market and group timing and an informed discussion of issues most relevant to professional money managers. Walter is a pro worth listening to.

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