COMMENTARY
      Dow 3500! The Dow Jones industrial average closed at a new century-marker, and 
      new high as well, the result of a surprise afternoon rally on May 19. The Dow 
      fell as low as 3416 early in the day, as traders feared the Fed board members 
      would call for tighter monetary policy. Earlier in the week, inflation reports 
      had already pushed bond yields back over 7% and gold soaring to a two-year 
      high. But Fed governors gave no hint of tight money, so the bulls ran rampant 
      down Wall Street.
      
      MARKET ANALYSIS
                                                        % change
      U.S. STOCKS                             Latest  Week  52-week
      DOW JONES INDUSTRIALS                   3500.0   0.5   3.1
      MIDSIZE COMPANIES (S&P MidCap Index)     164.0   0.0   13.9
      SMALL COMPANIES (Russell 2000)           229.3   0.2   16.2
      ALL COMPANIES (Russell 3000)             255.9   0.4   9.3
      
      FOREIGN STOCKS                          Latest   Week   52-week
      LONDON (FINANCIAL TIMES 100)            2819.7   -1.4   4.0
      TOKYO (NIKKEI INDEX)                  20,380.8   -1.1   9.1
      TORONTO (TSE COMPOSITE)                 3811.3   0.4   12.7
      
      FUNDAMENTALS                            Latest   Week ago   Year ago
      90-DAY TREASURY BILL YIELD               3.03  %   2.95  %   3.67  %   
      30-YEAR TREASURY BOND YIELD              6.97  %   6.86  %   7.81  %   
      S&P 500 DIVIDEND YIELD                   2.83  %   2.81  %   2.96  %   
      S&P 500 PRICE/EARNINGS RATIO             22.6      22.4      25.4      
      
      TECHNICAL INDICATORS                     Latest   Week ago   Reading
      S&P 500 26-week moving average           440.6      439.9     Positive   
      Stocks above 26-week moving average       55.9  %   62.3  %   Negative   
      Speculative sentiment: Put/call ratio     0.38      0.39      Neutral   
      Insider sentiment: Vickers sell/buy ratio 2.61      2.87      Negative   
                                                BRIDGE INFORMATION SYSTEMS INC.
      
      INDUSTRY GROUPS
      
                               % change   Strongest         % change
      FOUR-WEEK LEADERS   4-week  52-week stock in group   4-week   52-week   Price
      GOLD MINING           31.5   50.8  ECHO BAY MINES     98.0   94.0   12   1/8
      INSTRUMENTATION       13.8   9.7   HEWLETT-PACKARD    15.7   9.5   84   3/4
      HOSPITAL MANAGEMENT   11.7   -27.3 GALEN HEALTH CARE  15.6   15.6   13   7/8
      TOYS                   9.4   27.3  HASBRO             10.6   29.4   35   1/4
      DRUGS                  8.1   -15.5 PFIZER             13.7   0.5   70   3/8
      
                               % change   Weakest         % change
      FOUR-WEEK LAGGARDS  4-week  52-week stock in group   4-week   52-week   Price
      
      LIFE INSURANCE       -11.7   32.8  CAPITAL HOLDING   -16.2   32.9   34   7/8
      MAJOR REGIONAL BANKS -11.3   12.1  NATIONSBANK       -15.3   -4.4   46   3/8
      MONEY CENTER BANKS   -10.4   14.7  CHASE MANHATTAN   -15.6   -0.9   29   1/8
      TRUCKING             -10.2   -24.4 CONSOLIDATED 
                                         FREIGHTWAYS       -11.6    2.4   16   1/8
      HEAVY-DUTY TRUCKS    -10.0   6.5   PACCAR            -16.9   -5.2   54   1/4
                                                                 MORNINGSTAR INC.
      
      MUTUAL FUNDS
      
      LEADERS                           LAGGARDS                               
      Four-week total return  %         Four-week total return                %
      LEXINGTON STRATEGIC
      INVESTMENTS            43.1       STEADMAN AMERICAN INDUSTRY          -16.3
      MONITREND GOLD         33.0       STEADMAN OCEANOGRAPHIC TECHNOLOGY   -13.9
      UNITED SERVICES GOLD 
      SHARES                 31.5       FIDELITY SELECT REGIONAL BANKS       -11.9
      
      52-week total return     %        52-week total return                   %
      METLIFE-STATE STREET 
      GLOBAL ENERGY          63.2       PROGRESSIVE AGGRESSIVE GROWTH       -28.5
      UNITED SERVICES WORLD 
      GOLD                   51.1       FINANCIAL STRATEGIC ENVIRONMENTAL   -24.7
      PBHG GROWTH            48.4       G.T.   LATIN AMERICA GROWTH A       -19.4
                                                               DATA RESOURCES INC.
      
      RELATIVE PORTFOLIOS
      
       Foreign stocks   Treasury bonds   Gold   U.S. stocks   Money market fund
        $11,931           $11,890      $10,904    $10,884       $10,244
        -1.46%             -2.30%       +3.50%     -0.91%        +0.05%
      
      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, May 19, 1993, unless 
      otherwise indicated. Industry groups include S&P 500 companies only; 
      performance and share prices are as of market close May 18. Mutual fund returns 
      are as of May 14. Relative portfolios are valued as of May 18. A more detailed 
      explanation of this page is available on request.
      
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