COMMENTARY
      The market lost steam this week primarily due to inflationary fears and 
      currency worries. The Dow posted a 200 point loss on Sept. 23. The S&P 500 
      slipped 10% below its year-to-date high--a technical correction. Worry that 
      the Fed may raise rates next week, coupled with a weak dollar relative to the 
      yen, sent the market south. Gold rallied during the week, hitting new highs.
      
      STOCKS
      
                                                                  % change
      U.S. MARKETS                            Sept. 29       Week           Year
      Dow Jones Industrials                   10,213.5       -3.0           26.4
      Nasdaq Composite                        2730.3         -4.5           57.5
      Nasdaq 100                              2398.8         -4.6           73.2
      S&P MidCap 400                          382.2          -3.0           22.1
      S&P SmallCap 600                        173.9          -1.2           14.2
      S&P SuperComposite 1500                 266.7          -3.1           20.9
      
                                                                  % change
      SECTORS                                 Sept. 29       Week           Year
      S&P/BARRA Growth                        733.9          -4.1           26.7
      S&P/BARRA Value                         556.6          -2.2           14.3
      S&P Basic Materials                     122.4          -1.7           7.1
      S&P Capital Goods                       985.1          -2.4           30.0
      S&P Energy                              819.3          -1.7           10.4
      S&P Financials                          121.0          -2.3           8.8
      S&P REIT                                75.9           -1.7          -16.0
      S&P Transportation                      590.3          -1.7          -3.7
      S&P Utilities                           239.4          -2.6          -5.8
      GSTI Internet                           459.8           5.3           172.9
      Morgan Stanley Cyclical                 533.7          -3.1           25.1
      PSE Technology                          629.3          -3.3           91.0
      
                                                                  % change
      GLOBAL MARKETS                          Sept. 29       Week           Year
      S&P Euro Plus                           1316.2         -1.6           26.3
      London (FT-SE 100)                      6020.6          1.8           17.9
      Frankfurt (DAX)                         5135.6         -2.0           12.2
      Tokyo (NIKKEI 225)                      17,282.3       -3.6           25.0
      Hong Kong (Hang Seng)                   12,834.9       -4.4           63.8
      Toronto (TSE 300)                       6878.5         -0.1           19.4
      Mexico City (IPC)                       5079.8          1.8           38.0
      
                                                             Week           Year
      FUNDAMENTALS                            Sept. 28       ago            ago
      S&P 500 Dividend Yield                  1.31%          1.29%          1.52%
      S&P 500 P/E Ratio (Trailing 12 mos.)    30.1           31.0           25.0
      S&P 500 P/E Ratio (Next 12 mos.)*       22.5           22.9           20.3
      First Call Earnings Revision*          -1.43%         -1.07%         -5.79%
      *First Call Corp.
      
                                                             Week
      TECHNICAL INDICATORS                    Sept. 28       ago            Reading
      S&P 500 200-day average                 1303.9         1301.2         Negative
      Stocks above 200-day average            30.0%          34.0%          Positive
      Options: Put/call ratio                 0.62           0.63           Neutral
      Insiders: Vickers Sell/buy ratio        1.25           1.13           Positive
      
      BEST-PERFORMING            Last                                      Last 12
      GROUPS                     month%                                    months%
      Gold Mining                24.3           Instrumentation            115.9
      Defense Electronics        20.9           Semiconductors             107.7
      Shoes                      11.0           Communications Equip.      98.2
      Broadcasting               2.4            Invest. Banking/Brkrge.    75.2
      Personal Loans             2.1            Broadcasting               68.5
      
      WORST-PERFORMING           Last                                      Last 12
      GROUPS                     month%                                    months%
      Cosmetics                  -30.3          Pollution Control          -54.1
      Furnishings & Appliances   -29.5          Manufactured Housing       -33.6
      Housewares                 -24.8          Food Wholesalers           -31.5
      Life Insurance             -20.0          Property-Casual. Insurers  -27.8
      Property-Casual. Insurers  -20.0          Life Insurance             -24.0
      
      MUTUAL FUNDS
      
      EQUITY FUND CATEGORIES
      
      Leaders                                   Laggards
      Four-week total return       %            Four-week total return       %
      Precious Metals            26.6           Health                     -6.3
      Technology                 3.6            Pacific/Asia ex-Japan      -5.3
      Japan                      3.5            Mid-cap Value              -5.2
      Communications             3.4            Real Estate                -4.8
      Latin America              2.4            Financial                  -4.8
      
      Leaders                                   Laggards
      52-week total return         %            52-week total return        %
      Technology                 103.9          Real Estate               -5.5
      Japan                      97.7           Financial                  5.5
      Diversified Pacific/Asia   74.0           Small-cap Value            7.8
      Pacific/Asia ex-Japan      66.9           Domestic Hybrid            9.9
      Communications             63.7           Health                     10.3
      
      INTEREST RATES
      
                                                    Week      Year
      KEY RATES                           Sept. 29  ago       ago
      MONEY MARKET FUNDS                  4.90%     4.86%     5.05%
      90-DAY TREASURY BILLS               4.81      4.83      4.37
      1-YEAR TREASURY BILLS               5.21      5.26      4.41
      10-YEAR TREASURY NOTES              5.96      5.92      4.44
      30-YEAR TREASURY BONDS              6.12      6.10      4.98
      30-YEAR FIXED MORTGAGE*******       7.80      7.83      6.62
      ******* BanxQuote, Inc
      
      BLOOMBERG MUNI YIELD EQUIVALENTS
      Taxable equivalent yields on AAA-rated, tax-exempt municipal bonds, assuming a 
      31% federal tax rate.
                                    10-yr. bond         30-yr. bond
      GENERAL OBLIGATIONS           4.93%               5.63%
      TAXABLE EQUIVALENT            7.14                8.16
      INSURED REVENUE BONDS         5.10                5.85
      TAXABLE EQUIVALENT            7.39                8.48
      
      
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