Maintain MRK core position at Hold rating with a trailing stop at $122 (below the 50 SMA at $123.65) to manage downside risk while preserving upside exposure. Optional 10-15% trim is acceptable to lock in the +65% Y/Y gain, but a full SELL reduction is not warranted given the intact uptrend (+15.3% above 200 SMA) and absence of confirmed distribution signature. No pharma rotation recommended—any capital from trims should go to cash or a healthcare ETF instead.