COMMENTARY
      A sprightly week in the U.S. stock market, which saw the S&P 500 and the 
      Nasdaq composite both rise to all-time highs on Nov. 16. On that day, the 
      Federal Reserve boosted interest rates by a quarter-point. But traders 
      remained optimistic that the rate hike would not hurt corporate earnings. On 
      Nov. 17, however, blue chips were mixed and the dollar fell against the euro.
      
      STOCKS
      
                                                % change
      U.S. MARKETS             Nov. 17       Week      12 mos.
      Dow Jones Industrials    10,883.1      2.7       21.1
      Nasdaq Composite         3269.0        3.6       74.0
      Nasdaq 100               2911.7        4.1       94.3
      S&P MidCap 400           428.3         3.1       22.8
      S&P SmallCap 600         185.3         2.4       14.2
      S&P SuperComposite 1500  296.4         2.7       23.5
      
                                                % change
      SECTORS                  Nov. 17       Week      12 mos.
      S&P/BARRA Growth         824.6         2.2        30.0
      S&P/BARRA Value          612.0         3.3        17.0
      S&P Basic Materials      130.2         1.7        11.3
      S&P Capital Goods        1058.0        4.3        26.2
      S&P Energy               888.4         5.9        25.0
      S&P Financials           144.6         3.7        15.7
      S&P REIT                 73.1         -1.5       -13.8
      S&P Transportation       629.8        -0.3        -1.0
      S&P Utilities            237.8        -0.2        -7.7
      GSTI Internet            551.6         7.0       162.7
      Morgan Stanley Cyclical  549.5         2.0        16.7
      
                                                % change
      GLOBAL MARKETS           Nov. 17       Week      12 mos.
      S&P Euro Plus            1400.6        2.2        24.7
      London (FT-SE 100)       6555.7        1.7        19.1
      Frankfurt (DAX)          5870.2        2.2        24.8
      Tokyo (NIKKEI 225)       18,274.8     -1.6        26.8
      Hong Kong (Hang Seng)    14,704.5      5.2        44.9
      Toronto (TSE 300)        7591.3        4.1        19.8
      Mexico City (IPC)        6103.6        2.3        54.4
      
                                                            Week       Year
      FUNDAMENTALS                            Nov. 16       ago        ago
      S&P 500 Dividend Yield                  1.19%         1.24%      1.40%
      S&P 500 P/E Ratio (Trailing 12 mos.)    31.4          30.5       29.5
      S&P 500 P/E Ratio (Next 12 mos.)*       24.6          23.7       22.2
      First Call Earnings Revision*           -1.99%       -2.00%     -4.35%
      *First Call Corp.
      
                                                            Week
      TECHNICAL INDICATORS                    Nov. 16       ago        Reading
      S&P 500 200-day average                 1320.4        1317.2     Positive
      Stocks above 200-day average            35.0%         32.0%      Positive
      Options: Put/call ratio                 0.46          0.49       Negative
      Insiders: Vickers Sell/buy ratio        0.70          0.83       Positive
      
      BEST-PERFORMING            Last                                Last 12
      GROUPS                    month%                               months%
      Invest. Banking/Brkrge.    38.4     Communications Equip.       130.6
      Multiline Insurers         33.6     Instrumentation              97.2
      Communications Equip.      31.8     Broadcasting                 95.5
      Hospital Management        31.7     Semiconductors               83.5
      Money Center Banks         30.2     Computer Software            72.3
      
      WORST-PERFORMING           Last                                 Last 12
      GROUPS                    month%                                months%
      Shoes                     -18.0     Pollution Control           -58.9
      Gold Mining               -15.4     Tobacco                     -49.3
      Tobacco                   -14.5     Toys                        -45.8
      Machine Tools             -14.4     Office Equip. & Supplies    -38.9
      Specialty Printing        -13.8     Specialty Printing          -38.1
      
      INTEREST RATES
      
                                                        Week        Year
      KEY RATES                           Nov. 17       ago         ago
      MONEY MARKET FUNDS                  5.11%         5.07%       4.83%
      90-DAY TREASURY BILLS               5.20          5.20        4.42
      1-YEAR TREASURY BILLS               5.56          5.52        4.52
      10-YEAR TREASURY NOTES              6.03          6.00        4.87
      30-YEAR TREASURY BONDS              6.13          6.09        5.30
      30-YEAR FIXED MORTGAGE*******       7.76          7.86        6.93
      *******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        4.91%               5.68%
      TAXABLE EQUIVALENT         7.12                8.23
      INSURED REVENUE BONDS      5.18                6.05
      TAXABLE EQUIVALENT         7.51                8.77
      
      MUTUAL FUNDS
      
      EQUITY FUND CATEGORIES
      
      Leaders                                 Laggards
      Four-week total return      %           Four-week total return        %
      Technology                 29.9         Precious Metals             -3.5
      Mid-cap Growth             21.3         Real Estate                  1.2
      Small-cap Growth           21.2         Natural Resources            5.8
      Latin America              19.1         International Hybrid         5.8
      Communications             18.5         Small-cap Value              6.7
      
      Leaders                                 Laggards
      52-week total return        %           52-week total return          %
      Technology                128.6         Real Estate                 -4.1
      Japan                     104.3         Precious Metals             -2.2
      Communications             79.9         Small-cap Value              5.1
      Diversified Pacific/Asia   71.8         Mid-cap Value                8.6
      Small-cap Growth           59.8         Domestic Hybrid             12.1
      
      
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