COMMENTARY
      The bulls continue to stampede. The Dow Jones industrials logged 112 points 
      last week, with the average reaching a new high of 4727 on July 12. Investors 
      were celebrating the Federal Reserve's quarter-point reduction in short-term 
      interest rates and were looking toward the next cut. The reduction in U.S. 
      rates bolstered foreign markets as well. Long-depressed Japanese stocks rose 
      12%, and the ailing Mexican market jumped 9.3%. On top of that the Mexican peso 
      strengthened, bringing the five-day return for U.S. investors in the Bolsa to 
      12.2%.
      
      MARKET ANALYSIS
      
                                                            % change
      U.S. STOCKS                               Latest    Week    52-week
      DOW JONES INDUSTRIALS                     4727.3    2.4     27.6
      MIDSIZE COMPANIES (S&P MidCap Index)      205.2     3.3     21.6
      SMALL COMPANIES (Russell 2000)            293.8     3.2     20.6
      ALL COMPANIES (Russell 3000)              320.2     2.7     24.0
      
                                                  % change (local currency)
      FOREIGN STOCKS                            Latest    Week    52-week
      LONDON (FINANCIAL TIMES 100)              3450.6    1.6      14.8
      TOKYO (NIKKEI INDEX)                      16,605.7  12.0    -19.2
      TORONTO (TSE COMPOSITE)                   4710.3    3.4      13.8
      
                                                          Week    Year
      FUNDAMENTALS                              Latest    ago     ago
      90-DAY TREASURY BILL YIELD                5.53%     5.67%   4.50%
      30-YEAR TREASURY BOND YIELD               6.55%     6.60%   7.67%
      S&P 500 DIVIDEND YIELD                    2.39%     2.44%   2.81%
      S&P 500 PRICE/EARNINGS RATIO              17.2      16.9    19.9
      
                                                          Week
      TECHNICAL INDICATORS                      Latest    ago     Reading
      S&P 500 200-day moving average            490.1     487.7   Positive
      Stocks above 200-day moving average       77.0%     73.0%   Negative
      Speculative sentiment: Put/call ratio     0.62      0.67r   Neutral
      Insider sentiment: Vickers sell/buy ratio 1.51      1.42    Positive
      
      BLOOMBERG FINANCIAL MARKETS
      
      INDUSTRY GROUPS
      
                         % change                        % change
                        1-    12-    Strongest stock    1-    12-
      ONE-MONTH LEADERS month month  in group           month month   Price
      1 METALS          22.5  18.3   INCO               33.2   31.9   33 5/8
      2 TRUCKING        18.4  -4.8   CONSOLIDATED 
                                     FREIGHTWAYS        19.2   4.2    24 7/8
      3 SEMICONDUCTORS  17.9  94.7   INTEL              22.2   133.0  68 7/8
      4 ALUMINUM        17.8  34.4   ALCOA              20.1   37.2   53 3/4
      4 STEEL           16.3  -3.0   NUCOR              23.3  -13.3   60 1/8
      
                            % change                     % change
                           1-    12-    Weakest stock   1-    12-
      ONE-MONTH LAGGARDS month month  in group        month month   Price
      1 HMOs             -4.6  -11.3  U.S. HEALTHCARE -7.7  -16.6   31 3/8
      2 OIL EXPLORATION 
        AND PRODUCTION   -4.3  -6.8   ORYX ENERGY     -5.4  -11.8   13 1/8
      3 OIL WELL EQUIP-               McDERMOTT 
        MENT AND SERVICES-2.6   0.5   INTERNATIONAL   -9.1  -5.9    23 3/4
      4 HOSPITAL 
        MANAGEMENT       -1.6   6.7   TENET HEALTHCARE-13.4 -12.1   14 1/2
      5 DOMESTIC OIL     -0.8   5.0   SUN             -10.4  4.2    27 7/8
      
      MORNINGSTAR INC.
      
      MUTUAL FUNDS
      
      LEADERS                               LAGGARDS
      
      Four-week total return          %     Four-week total return        %
      1 WRIGHT EQUIFUND-MEXICO      22.6    PIONEER INDIA B             -5.1
      2 ALGER CAPITAL APPRECIATION  20.2    RYDEX URSA                  -4.4
      3 RESERVE INFORMED INVESTORS          EV MARATHON GREATER INDIA   -4.2
        GROWTH                      20.2    
      
      52-week total return            %     52-week total return          %
      1 SELIGMAN COMMUNICATIONS 
        & INFORM. A                 110.6   AMERICAN HERITAGE           -31.8
      2 PERKINS OPPORTUNITY         87.8    STEADMAN OCEANOGRAPHIC 
                                            TECHNOLOGY                  -25.3
      3 ALLIANCE TECHNOLOGY A       87.6    JAPAN                       -24.9
      
      DRI/McGRAW-HILL
      
      RELATIVE PORTFOLIOS
      
      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   Treasury bonds  Foreign stocks  Money market fund  Gold
       $12,714       $12,365         $11,371         $10,529            $9,960
       +1.41%        +1.03%          +3.98%          +0.14%             -0.03%
      
      All data on this page are as of market close Wednesday, July 12, 1995, unless 
      otherwise indicated. Industry groups include S&P 500 companies only; 
      performance and share prices are as of market close July 11. Mutual fund 
      returns are as of July 7. Relative portfolios are valued as of July 11. A more 
      detailed explanation of this page is available on request. r=revised NA=Not 
      available
      
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