COMMENTARY
      Investors responded favorably to the news that the Administration was seriously 
      considering an energy tax to cut the federal deficit. Big-cap issues were 
      strong, especially autos. Bonds, of course, were on a tear, with rates on the 
      30-year Treasury hitting a six-year low. Short rates also tumbled, and the 
      yield on a 90-day bill fell below 3%. Lower interest rates in Britain sent 
      London stocks to all-time highs. But the prospect of a rate cut in Japan was 
      unable to revive the almost comatose Nikkei.
      
      Market Analysis
                                                   % change
      U.S. STOCKS                          Latest   Week  52-week
      DOW JONES INDUSTRIALS                 3291.4   1.5     2.1
      MIDSIZE COMPANIES (S&P MidCap Index)   162.2   0.4     9.3
      SMALL COMPANIES (Russell 2000)         228.0   0.9    11.8
      ALL COMPANIES (Russell 3000)           251.7   0.8     8.1
                                                  % change (local currency)
      FOREIGN STOCKS                        Latest   Week   52-week
      LONDON (FINANCIAL TIMES 100)          2832.5   3.0    11.2
      TOKYO (NIKKEI INDEX)                16,509.7   0.0   -22.7
      TORONTO (TSE COMPOSITE)               3311.6   0.7    -8.0
      
      FUNDAMENTALS                          Latest   Week ago  Year ago
      90-DAY TREASURY BILL YIELD             2.97 %    3.06 %    3.92 % 
      30-YEAR TREASURY BOND YIELD            7.25 %    7.32 %    7.76 % 
      S&P 500 DIVIDEND YIELD                 2.81 %    2.90 %    2.94 % 
      S&P 500 PRICE/EARNINGS RATIO          21.0      19.9      23.5  
      
      TECHNICAL INDICATORS                     Latest    Week ago   Reading
      S&P 500 26-week moving average          423.7       422.8     Positive 
      Stocks above 26-week moving average      71.7 %      67.1 %   Neutral 
      Speculative sentiment: Put/call ratio     0.34        0.33    Neutral 
      Insider sentiment: Vickers sell/buy ratio 2.63        3.29    Negative 
      BRIDGE INFORMATION SYSTEMS INC.
      
      Industry Groups
                                      % change                   % change
      FOUR-WEEK LEADERS 4-week 52-week Strongest stock in group 4-week 52-week Price
      1 SEMICONDUCTORS          19.7 63.1  INTEL                   26.6  83.4 114 3/8
      2 MACHINE TOOLS           16.8 42.7  CINCINNATI MILACRON     21.7  27.6  19 5/8
      3 SAVINGS AND LOANS       16.0 10.9  GREAT WESTERN FINANCIAL 20.8   2.7  18 7/8
      4 AUTOMOBILES             15.8 45.7  CHRYSLER                22.1 196.3  40 
      5 DEFENSE ELECTRONICS     11.8 19.0  LORAL                   15.9  49.5  53 5/8
      
                                       % change                     % change
      FOUR-WEEK LAGGARDS 4-week 52-week Weakest stock in group 4-week 52-week Price
      1 DIVERSIFIED HEALTH CARE -11.3 -20.1 JOHNSON & JOHNSON    -13.8 -18.6 43 5/8
      2 DRUGS                   -11.2 -24.5 PFIZER               -12.0 -14.4 65 1/8
      3 HEALTH CARE SERVICES     -7.1  -4.5 AMGEN                -11.1  -9.3 63 3/4
      4 DRUG CHAINS              -6.4   1.1 WALGREEN              -9.1   3.2 39 7/8
      5 TOBACCO                  -6.2  -5.1 AMERICAN BRANDS      -11.8 -20.7 36 3/8
      MORNINGSTAR INC.
      
      Mutual Funds
      LEADERS Four-week total return   % LAGGARDS Four-week total return          %  
      1 STEADMAN OCEANOGRAPHIC TECHNOLOGY 12.9  MONITREND GOLD                -13.7
      2 JOHN HANCOCK FREEDOM GLOBAL TECH. 10.5  PILGRIM CORPORATE UTILITIES    -8.8
      3 FIDELITY SELECT SOFTWARE
                               & COMPUTER 10.5  VANGUARD INTL. EQUITY
                                                            INDEX PACIFIC      -7.0
      
      52-week total return                   % 52-week total return              %
      1 FIDELITY SELECT SAVINGS & LOAN     56.6 LEXINGTON STRATEGIC INVESTMENTS -62.9
      2 JOHN HANCOCK FREEDOM REGIONAL 
                                 BANK B    48.3 UNITED SERVICES GOLD SHARES     -54.9
      3 FIDELITY SELECT REGIONAL BANKS     46.7 MONITREND GOLD                  -42.7
      
      Relative Portfolios
      Treasury bonds U.S. stocks Money market fund Foreign stocks Gold
          $11,426       $10,918         $10,275        $9,590    $9,334
          +0.79%         +1.11%            +0.05%      +0.88%    +0.84%
      DATA RESOURCES INC.
      
      Dollar amounts
      represent the present value of $10,000
      invested one year ago in each portfolio
      Percentages indicate
      five-day total returns
      
      All data on this page are as of market close Wednesday, Jan. 27, 1993, unless 
      otherwise indicated. Industry groups include S&P 500 companies only; 
      performance and share prices are as of market close Jan. 26. Mutual fund 
      returns are as of Jan. 22. Relative portfolios are valued as of Jan 26. A more 
      detailed explanation of this page is available on request.
      
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