Commentary

The numbers on inflation came up roses--and the markets cheered. The news that 
      the PPI fell 0.3% for June and that consumer prices showed no increase at all 
      sent bond prices flying. As rates on 30-year Treasuries set another record low, 
      stocks took off. The Dow forged ahead almost 70 points for the week to within a 
      whisker of the record, ditto for the S&P 500. Even Tokyo managed to break over 
      the 20,000 level. Gold, which had come ever-so-close to the $400-an-ounce mark, 
      retreated.
      
      MARKET ANALYSIS
                                                       % change
      U.S. STOCKS                             Latest     Week     52-week
      DOW JONES INDUSTRIALS                   3542.6     1.9     5.9
      MIDSIZE COMPANIES (S&P MidCap Index)     167.7     0.6     16.4
      SMALL COMPANIES (Russell 2000)           237.8     2.0     24.4
      ALL COMPANIES (Russell 3000)             259.6     1.7     10.8
      
                                                   % change (local currency)
      FOREIGN STOCKS                          Latest  Week ago  Year ago
      LONDON (FINANCIAL TIMES 100)            2832.3    -0.6     13.9
      TOKYO (NIKKEI INDEX)                  20,139.1     2.1     17.7
      TORONTO (TSE COMPOSITE)                 3941.7    -0.8     13.5
      
      FUNDAMENTALS                              Latest  Week ago  Year ago
      90-DAY TREASURY BILL YIELD                3.06 %   3.10 %  3.25 %
      30-YEAR TREASURY BOND YIELD               6.56 %   6.68 %  7.63 %
      S&P 500 DIVIDEND YIELD                     .84 %   2.84 %  3.01 %
      S&P 500 PRICE/EARNINGS RATIO              21.3     20.9    23.6 
      
      TECHNICAL INDICATORS                   Latest     Week ago     Reading
      S&P 500 26-week moving average           445.1     444.4       Positive 
      Stocks above 26-week moving average       58.8 %    55.9%      Negative     
      Speculative sentiment: Put/call ratio     0.42      0.44       Positive     
      Insider sentiment: Vickers sell/buy ratio 2.32      2.27       Neutral     
      BRIDGE INFORMATION SYSTEMS INC.
      
      INDUSTRY GROUPS
      
                                % change    Strongest             % change
      FOUR-WEEK LEADERS     4-week  52-week stock in group     4-week 52-week  Price 
      MANUFACTURED HOUSING    17.6   41.4   FLEETWOOD ENTERPRISES 22.6   48.7  21 
      HOSPITAL MANAGEMENT     17.0    5.5   NATIONAL MEDICAL 
                                            ENTERPRISES           24.7  -25.4  11 3/8
      GOLD MINING             16.5   49.0   ECHO BAY MINES        26.8  103.9  13 
      PERSONAL LOANS          14.2   36.0   HOUSEHOLD 
                                            INTERNATIONAL         14.9   42.9  75 
      BROKERAGE FIRMS         12.4   50.0   MERRILL LYNCH         15.7   66.7  84 5/8
      
                                % change    Weakest                   % change
      FOUR-WEEK LAGGARDS    4-week  52-week stock in group       4-week 52-week Price
      SHOES                  -17.5   -8.5   GENESCO              -23.5   51.2   7 3/4
      COMMUNICATIONS 
      EQUIPMENT              -16.8    0.7   NORTHERN TELECOM     -27.9  -30.5  26 1/2
      SPECIALTY APPAREL 
      RETAILERS              -12.7    1.5   LIMITED              -15.0   2.5   20 1/2
      ENTERTAINMENT          -10.0   11.5   WALT DISNEY          -13.8   8.3   37 3/8
      POLLUTION CONTROL       -9.8   -5.5   WMX TECHNOLOGIES     -12.3  -9.4   31 1/4
      MORNINGSTAR INC.
      
      MUTUAL FUNDS
      LEADERS                                    LAGGARDS
      Four-week total return              %      Four-week total return          %
      EXCEL MIDAS GOLD SHARES           24.6     DFA JAPANESE SMALL COMPANY    -10.5
      UNITED SERVICES WORLD GOLD        23.2     CAPSTONE NIKKO JAPAN           -7.2
      LEXINGTON STRATEGIC INVESTMENTS   21.6     FIDELITY JAPAN                 -6.7
      
      52-week total return                %      52-week total return             %
      LEXINGTON STRATEGIC INVESTMENTS  103.4     DFA CONTINENTAL SMALL COMPANY  -14.8
      PBHG GROWTH                       79.1     INVESCO STRATEGIC HEALTH 
                                                 SCIENCES                       -14.0
      EXCEL MIDAS GOLD SHARES           69.9     UNITED SERVICES EUROPEAN INCOME-12.5
      
      RELATIVE PORTFOLIOS
         Foreign stocks   Treasury bonds   Gold     U.S. stocks     Money market fund
            $12,672          $12,169      $11,173     $10,956         $10,233
            +1.15%           +0.82%       +0.20%      +1.51%          +0.05%
      Dollar amounts
      represent the present value of $10,000
      invested one year ago in each portfolio
      Percentages indicate
      five-day total returns
      All data on this page are as of market close Wednesday, July 14, 1993, unless 
      otherwise indicated. Industry groups include S&P 500 companies only; 
      performance and share prices are as of market close July 13. Mutual fund 
      returns are as of July 9. Relative portfolios are valued as of July 13. A more 
      detailed explanation of this page is available on request.
      
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