Trend Table for IPB - Merrill Lynch & Co., Inc. 6.0518% Index Plus Trust Certificates Series 2003-1

Current Trend Strength: Weak or Absent

Date	Grade	ADX	Long Term	Intermediate Term	Short Term	% Chg
Oct 16	C	Strong	Down	Down	Down	12.79%
Oct 13	C	Strong	Down	Down	Down	12.88%
Oct 12	C	Strong	Down	Down	Down	12.74%
Oct 11	D	Strong	Down	Down	Flat	11.71%
Oct 10	D	Strong	Down	Down	Flat	12.19%
Oct 9	C	Strong	Down	Down	Down	12.42%
Oct 6	C	Strong	Down	Down	Flat	11.73%
Oct 5	C	Strong	Down	Down	Down	12.19%
Oct 4	C	Strong	Down	Down	Down	11.82%
Oct 3	B	Strong	Down	Down	Down	11.73%