COMMENTARY
      It was a week of all-time record highs for both the Nasdaq Composite Index and 
      the S&P 500-stock index. The Dow Jones industrial average also rallied, coming 
      within 2% of its August closing high of 11,326. But on Nov. 23, the market 
      slumped as investors took money off the table, just in time for turkey day. 
      Bond yields rose to their highest levels in a month.
      Data: Bloomberg Financial Markets
      
      STOCKS
      
                                                   % change
      U.S. MARKETS                  Nov. 23      Week    12 mos.
      Dow Jones Industrials         10,995.6      0.6     17.3
      Nasdaq Composite                3342.9      1.4     69.1
      Nasdaq 100                      2999.8      2.0     88.8
      S&P MidCap 400                   419.7     -1.8     17.5
      S&P SmallCap 600                 183.7     -0.7      9.9
      S&P SuperComposite 1500          294.8     -1.1     18.0
      
                                                 % change
      SECTORS                    Nov. 23      Week     12 mos.
      S&P/BARRA Growth           834.5        0.8       25.2
      S&P/BARRA Value            597.4        -3.1      10.5
      S&P Basic Materials        127.1        -3.0       7.9
      S&P Capital Goods          1032.6       -1.6      19.0
      S&P Energy                 840.3        -3.3      16.7
      S&P Financials             139.1        -6.3       5.6
      S&P REIT                   72.3         -1.3     -15.9
      S&P Transportation         616.4        -5.1      -6.4
      S&P Utilities              224.4        -6.3     -13.3
      GSTI Internet              597.6         7.1     140.4
      Morgan Stanley Cyclical    536.5        -3.3      10.8
      PSE Technology             768.8         1.7      88.8
      
                                              % change
      GLOBAL MARKETS            Nov. 23    Week     12 mos.
      S&P Euro Plus             1385.1     -0.8     15.3
      London (FT-SE 100)        6534.2     -0.7     11.7
      Frankfurt (DAX)           5814.7     -1.6     15.9
      Tokyo (NIKKEI 225)      18,822.1      3.4     27.3
      Hong Kong (Hang Seng)   15,393.2      4.8     46.4
      Toronto (TSE 300)         7709.8      1.7     15.5
      Mexico City (IPC)         6110.8      0.1     47.9
      
                                                           Week         Year
      FUNDAMENTALS                           Nov. 22       ago          ago
      S&P 500 Dividend Yield                  1.19%        1.19%        1.32%
      S&P 500 P/E Ratio (Trailing 12 mos.)    31.3         31.4         30.8
      S&P 500 P/E Ratio (Next 12 mos.)*       24.8         24.6         23.2
      First Call Earnings Revision*          -0.81%       -1.99%       -4.03%
      *First Call Corp.
      
                                                        Week
      TECHNICAL INDICATORS                Nov. 22       ago         Reading
      S&P 500 200-day average             1323.8       1320.4       Positive
      Stocks above 200-day average        32.0%        35.0%        Positive
      Options: Put/call ratio             0.44         0.46         Negative
      Insiders: Vickers Sell/buy ratio    0.65         0.70         Positive
      
      BEST-PERFORMING           Last                               Last 12
      GROUPS                    month%                             months%
      Communications Equip.     36.8    Communications Equip.       122.0
      Computer Systems          20.8    Broadcasting                 83.4
      Invest. Banking/Brkrge.   20.4    Semiconductors               77.6
      Hospital Management       20.3    Instrumentation              76.4
      Long-Dist. Telecomms.     16.5    Computer Software            73.4
      
      WORST-PERFORMING         Last                                Last 12
      GROUPS                   month%                              months%
      Machine Tools            -20.7    Pollution Control           -58.8
      Specialty Printing       -14.9    Tobacco                     -52.9
      Shoes                    -14.1    Toys                        -48.4
      Natural Gas              -7.5     Specialty Printing          -41.1
      Pollution Control        -7.1     Office Equip. & Supplies    -39.4
      
      MUTUAL FUNDS
      
      EQUITY FUND CATEGORIES
      
      Leaders                                 Laggards
      Four-week total return   %              Four-week total return        %
      Technology              27.1            Precious Metals             -4.7
      Small-cap Growth        18.7            Real Estate                  0.8
      Mid-cap Growth          18.2            Natural Resources            2.7
      Latin America           17.5            International Hybrid         5.3
      Communications          16.5            Domestic Hybrid              5.5
      
      Leaders                                 Laggards
      52-week total return        %           52-week total return          %
      Technology                128.3         Precious Metals             -6.5
      Japan                     105.9         Real Estate                 -5.9
      Diversified Pacific/Asia   73.1         Small-cap Value              4.5
      Communications             72.2         Mid-cap Value                6.0
      Small-cap Growth           59.5         Financial                    7.2
      
      INTEREST RATES
      
                                                   Week        Year
      KEY RATES                       Nov. 23      ago         ago
      MONEY MARKET FUNDS              5.14%        5.11%       4.80%
      90-DAY TREASURY BILLS           5.26         5.20        4.57
      1-YEAR TREASURY BILLS           5.61         5.56        4.60
      10-YEAR TREASURY NOTES          6.08         6.03        4.83
      30-YEAR TREASURY BONDS          6.19         6.13        5.19
      30-YEAR FIXED MORTGAGE*******   7.76         7.76        6.91
      *******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%               5.72%
      TAXABLE EQUIVALENT        7.14                8.29
      INSURED REVENUE BONDS     5.18                6.05
      TAXABLE EQUIVALENT        7.51                8.77
      
      
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