COMMENTARY
      Who cares about the dollar? Certainly not the stock market. The Dow industrials 
      continue to push into record territory. Ditto for the S&P. Most market mavens, 
      however, are getting real nervous as the Dow moves toward the 4200 
      mark--especially since the index is up 9% over the last three months. But don't 
      sell the U.S. market short just yet. It has beaten all the major foreign 
      bourses this year hands down. And as the technical indicators on this page 
      show, it may have still more to go.
      
      MARKET ANALYSIS
                                                            % change
      U.S. STOCKS                             Latest     Week       52-week
      DOW JONES INDUSTRIALS                  4160.8       1.9       14.7
      MIDSIZE COMPANIES (S&P MidCap Index)    182.2       1.4        5.9
      SMALL COMPANIES (Russell 2000)          259.9       1.2        3.0
      ALL COMPANIES (Russell 3000)            286.4       1.5       10.9
      
                                                      % change (local currency)
      FOREIGN STOCKS                          Latest     Week       52-week
      LONDON (FINANCIAL TIMES 100)            3142.3      0.1        1.6
      TOKYO (NIKKEI INDEX)                  16,460.7      3.5      -15.8
      TORONTO (TSE COMPOSITE)                 4299.0      0.8       -0.3
      
      FUNDAMENTALS                            Latest     Week ago   Year ago
      90-DAY TREASURY BILL YIELD              5.80%       5.85%      3.56%
      30-YEAR TREASURY BOND YIELD             7.37%       7.45%      7.11%
      S&P 500 DIVIDEND YIELD                  2.61%       2.65%      2.89%
      S&P 500 PRICE/EARNINGS RATIO            16.6       16.5       20.2
      
      TECHNICAL INDICATORS                    Latest     Week ago   Reading
      S&P 500 200-day moving average          465.9      464.8      Positive
      Stocks above 200-day moving average     57.0%       53.0%     Neutral
      Speculative sentiment: Put/call ratio   0.71         0.72r    Positive
      Insider sentiment: Vickers
        sell/buy ratio                        1.00         0.94     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 SPECIALTY APPAREL RETAILERS  13.3  -19.7 THE LIMITED       24.7  0.6  22 1/8
      2 GOLD MINING                  11.5  -13.5 NEWMONT MINING    14.9 -12.3 41 3/8
      3 MEDICAL PRODUCTS                         BOSTON
        AND SUPPLIES                 11.4   41.0 SCIENTIFIC        21.1  83.2 25 7/8
      4 HMOs                         11.3    7.0 UNITED HEALTHCARE 13.4   3.5 48 5/8
      5 COMMUNICATIONS EQUIPMENT     11.2   30.1 M/A-COM           48.2  45.5 10
      
                            % change                              % change
                            4-    52-     Weakest stock           4-    52-
      FOUR-WEEK LAGGARDS    week  week    in group                week  week  Price
      1 TRUCKING            -7.6  -27.3   YELLOW                  -22.0 -39.1 16 3/8
      2 HOMEBUILDING        -6.6  -31.6   KAUFMAN & BROAD HOME    -19.8 -47.5 11 5/8
      3 STEEL               -5.2  -15.9   INLAND STEEL INDUSTRIES -14.0 -25.2 25 1/4
      4 PAPER CONTAINERS    -4.4   18.8   STONE CONTAINER         -10.4  55.0 21 1/2
      5 ELECTRIC COMPANIES  -3.5   -7.5   ENTERGY                  -8.9 -35.9 20 1/2
      
      MUTUAL FUNDS                                          MORNINGSTAR INC.
      LEADERS                              LAGGARDS
      Four-week total return           %   52-week total return               %
      1 FIDELITY SELECT ELECTRONICS  14.4  WARBURG PINCUS JAPAN OTC COMM.  -15.0
      2 EXCEL MIDAS GOLD             11.0  WRIGHT EQUIFUND-MEXICO          -10.1
                                           NATL.FID.EQTY.
      3 FIDELITY SELECT COMPUTERS    10.4  MORGAN STANLEY LATIN AMERICAN B  -7.5
      
      Four-week total return           %   52-week total return               %
      1 FIDELITY SELECT HEALTH CARE  40.7  MONITREND GOLD                  -51.1
      2 SELIGMAN COMMUNICATIONS      39.6  HERCULES LATIN                  -43.2
        & INFORM. A                        AMERICAN VALUE
      3 GOVETT SMALLER COMPANIES     37.8  BT INVESTMENT LATIN             -42.9
                                           AMERICAN EQUITY
      
      Four-week total return
      
      52-week total return
      
      RELATIVE PORTFOLIOS                                    DRI/McGRAW-HILL
      
      Dollar amounts represent the present value of $10,000 invested one year ago in 
      each portfolio
      
      Percentages indicate five-day total returns
      
      U.S. stocks   Foreign stocks   Money market fund   Treasury bonds   Gold
      
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