COMMENTARY
      The U.S. stock market went on a spree on Feb. 3, as investors rejoiced over a 
      report showing more people out of work. Reacting to a report that the 
      unemployment rate jumped 0.3 points in January, to 5.7%, investors wagered that 
      economic growth was slowing and that rates were at a peak. Bonds climbed and so 
      did blue chips, with the Dow Jones industrial average soaring 58 points, to 
      3929. But the voyage to 4000 fizzled in subsequent days, and the dollar 
      declined, due to mixed economic signals.
      
      MARKET ANALYSIS
                                                        % change
      U.S. STOCKS                             Latest  Week    52-week
      DOW JONES INDUSTRIALS                  3935.4   2.3      0.1
      MIDSIZE COMPANIES (S&P MidCap Index)    177.2   3.2     -2.3
      SMALL COMPANIES (Russell 2000)          253.8   2.5     -4.3
      ALL COMPANIES (Russell 3000)            275.5   2.4      0.7
      
                                                      % change (local currency)
      FOREIGN STOCKS                          Latest  Week    52-week
      LONDON (FINANCIAL TIMES 100)            3072.5   1.8     -10.4
      TOKYO (NIKKEI INDEX)                  18,290.3  -2.4      -7.8
      TORONTO (TSE COMPOSITE)                 4104.2   2.1      -8.0
      
      FUNDAMENTALS                            Latest  Week ago Year ago
      90-DAY TREASURY BILL YIELD              5.89%    6.05%     3.31%
      30-YEAR TREASURY BOND YIELD             7.64%    7.74%     6.42%
      S&P 500 DIVIDEND YIELD                  2.69%    2.75%     2.51%
      S&P 500 PRICE/EARNINGS RATIO            16.4    16.1      22.0
      
      TECHNICAL INDICATORS                    Latest  Week ago  Reading
      S&P 500 200-day moving average         459.8   459.0      Positive
      Stocks above 200-day moving average     47.0%   41.0%r    Neutral
      Speculative sentiment: Put/call ratio    0.60    0.62r    Neutral
      Insider sentiment: Vickers
        sell/buy ratio                         0.84    0.87     Positive
      
      INDUSTRY GROUPS                                BLOOMBERG FINANCIAL MARKETS
                              % change                           % change
                             4-    52-  Strongest stock         4-    52-
      FOUR-WEEK LEADERS      week  week in group                week  week   Price
      1 RESTAURANTS          13.3  7.7  McDONALD'S              15.7   12.2  33 1/4
      2 HEALTH-CARE SERVICES 12.3  1.9  ALZA                    16.2  -11.8  22 3/8
      3 ENTERTAINMENT        12.1  5.4  WALT DISNEY             13.3   15.8  52 1/8
      4 LIFE INSURANCE       11.5 -4.6  TORCHMARK               17.0  -15.4  41 1/4
      5 SAVINGS AND LOANS    10.3 -0.7  GREAT WESTERN FINANCIAL 13.9    4.2  18 1/2
      
                              % change                           % change
                             4-    52-  Weakest stock           4-    52-
      FOUR-WEEK LAGGARDS     week  week in group                week  week   Price
      1 AUTOMOBILES         -10.5 -31.3 CHRYSLER                -14.3 -26.6  45 1/8
      2 STEEL                -8.4 -13.8 INLAND STEEL INDUSTRIES -16.4 -15.6  29 7/8
      3 TRUCKING             -8.1 -26.7 ROADWAY SERVICES        -10.7 -27.2  50 1/4
      4 METALS               -6.4  -5.3 PHELPS DODGE             -9.9  -0.5  54 5/8
      5 HEAVY-DUTY TRUCKS    -5.9 -23.7 PACCAR                  -10.3 -24.9  42 5/8
      
      MUTUAL FUNDS                                                MORNINGSTAR INC.
      LEADERS                                LAGGARDS
      Four-week total return             %   Four-week total return     %
      1 SEQUOIA                         9.8  WRIGHT EQUIFUND-MEXICO
                                               NATL.FID.EQTY.        -11.6
      2 FIDELITY SELECT                      BULL & BEAR
        MEDICAL DELIVERY                9.3    GOLD INVESTORS        -11.5
      3 RETIREMENT PLANNING GROWTH B    9.3  JAPAN                   -10.9
      
      52-week total return               %   52-week total return       %
      1 SELIGMAN COMMUNICATIONS
        & INFORM. A                    28.9  MONITREND GOLD          -55.8
      2 ALLIANCE TECHNOLOGY A          27.9  STEADMAN OCEANOGRAPHIC
                                               TECHNOLOGY            -42.5
      3 FIDELITY SELECT HEALTH CARE    27.6  STEADMAN AMERICAN
                                               INDUSTRY              -41.2
      
      Four-week total return
      
      52-week total return
      
      RELATIVE PORTFOLIOS                                         DRI/McGRAW-HILL
      U.S. stocks   Money market fund   Foreign stocks     Gold    Treasury bonds
      
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