Interest rates are rising, currencies are falling, and the stock markets are 
      scared. The Dow industrials slid four days in a row before making a tiny gain 
      on Jan. 25 and finished the week down 1.5%. Actually, the U.S. market is a 
      relative tower of strength. The British market was down over 2%, the French 
      over 3%. South of the border, both the Mexican stock market and peso continued 
      to lose ground. Tokyo stocks dropped 5.5%, as investors assessed the financial 
      damage from the Kobe earthquake.
      
      MARKET ANALYSIS
                                                         % change
      U.S. STOCKS                            Latest   Week    52-week
      DOW JONES INDUSTRIALS                  3871.5   -1.5    -0.9
      MIDSIZE COMPANIES (S&P MidCap Index)    171.5   -1.2    -4.2
      SMALL COMPANIES (Russell 2000)          248.8   -1.4    -5.3
      ALL COMPANIES (Russell 3000)            267.5   -0.7    -2.1
      
                                                      % change (local currency)
      FOREIGN STOCKS                          Latest  Week    52-week
      LONDON (FINANCIAL TIMES 100)            2982.2  -2.4    -13.2
      TOKYO (NIKKEI INDEX)                  18,159.5  -5.5     -5.1
      TORONTO (TSE COMPOSITE)                 4106.4  -1.5     -7.9
      
      FUNDAMENTALS                            Latest     Week ago    Year ago
      90-DAY TREASURY BILL YIELD              5.93%       5.85%       2.98%
      30-YEAR TREASURY BOND YIELD             7.86%       7.77%       6.31%
      S&P 500 DIVIDEND YIELD                  2.77%       2.76%       2.57%
      S&P 500 PRICE/EARNINGS RATIO           16.6        17.1        22.5
      
      TECHNICAL INDICATORS                       Latest      Week ago    Reading
      S&P 500 200-day moving average             458.4       457.9       Positive
      Stocks above 200-day moving average         37.0%       40.0%      Positive
      Speculative sentiment: Put/call ratio        0.64        0.53r     Neutral
      Insider sentiment: Vickers sell/buy ratio    0.88        0.94      Positive
      
      INDUSTRY GROUPS                                BLOOMBERG FINANCIAL MARKETS
      
                                   % change                       % change
      FOUR-WEEK LEADERS            4-   52-   Strongest stock     4-    52-
                                   week week  in group            week  week  Price
      1 SEMICONDUCTORS             9.4  15.2  ADVANCED MICRO      36.6  62.3  31 1/4
                                              DEVICES
      2 AIRLINES                   9.1 -26.0  USAIR GROUP         11.8 -67.5   4 3/4
      3 LEISURE TIME               9.0  -4.6  BALLY ENTERTAINMENT 23.1 -15.8   8
      4 AFTERMARKET AUTO PARTS     6.8 -11.8  ECHLIN              12.9   1.1  33 7/8
      5 METAL AND GLASS CONTAINERS 6.4   6.5  BALL                 9.5  19.8  33 1/4
      
                                  % change                        % change
      FOUR-WEEK LAGGARDS          4-   52-    Weakest stock       4-    52-
                                  week week   in group            week  week  Price
      1 AUTOMOBILES                -4.9 -28.0 GENERAL MOTORS      -6.1  -36.3 38 3/4
      2 SHOES                      -3.7  18.4 STRIDE RITE         -7.5  -38.6 10 3/4
      3 LONG-DISTANCE              -3.6 -17.0 AT&T                -4.7  -13.2 48 5/8
        TELECOMMUNICATIONS
      4 TRUCKING                   -3.6 -17.5 ROADWAY SERVICES    -7.7  -20.1 50 3/4
      5 COSMETICS                  -3.2  19.1 AVON PRODUCTS       -6.8    5.3 56 7/8
      
      MUTUAL FUNDS                                                MORNINGSTAR INC.
      LEADERS                                   LAGGARDS
      Four-week total return            %       Four-week total return     %
      1 PERKINS OPPORTUNITY                     WRIGHT EQUIFUND-MEXICO
                                       7.2      NATL.FID.EQTY.          -23.5
      2 WRIGHT EQUIFUND-ITALIAN                 BT INVESTMENT LATIN
        NATL.FID.EQTY.                 6.8      AMERICAN EQUITY         -16.7
      3 GOVETT SMALLER                          HERCULES LATIN
        COMPANIES                      6.5      AMERICAN VALUE          -15.6
      
      52-week total return              %       52-week total return      %
      1 SELIGMAN COMMUNICATIONS                 MONITREND
        & INFORM. A                   30.7      GOLD                    -55.0
      2 GOVETT SMALLER                          STEADMAN OCEANOGRAPHIC
        COMPANIES                     25.1      TECHONOLOGY             -40.2
      3 ALLIANCE TECHNOLOGY A         24.4      WRIGHT EQUIFUND-        -40.1
                                                HONGKONGNATL.FID.EQ.
      
      RELATIVE PORTFOLIOS                                         DRI/McGRAW-HILL
      Money market fund    U.S.stocks   Gold       Foreign stocks  Treasury bonds
      
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