Commentary

Europe's Exchange Rate Mechanism came unglued, but rather than fret, equity 
      investors cheered. That's because the breakdown in the ERM will allow interest 
      rates to come down and help jump-start recession-racked economies across the 
      Continent. German stocks gained 1.5%, British nearly 2%, and French equities 
      over 3%. Japanese stocks rallied as well. In the U.S., long-term interest rates 
      came down as the budget and tax debate drew to a close. U.S. stocks may be 
      ready to rocket.
      
      MARKET ANALYSIS
                                                       % change
      U.S. STOCKS                              Latest  Week  52-week
      DOW JONES INDUSTRIALS                    3552.1   0.0   5.6
      MIDSIZE COMPANIES (S&P MidCap Index)      169.0   1.3   16.0
      SMALL COMPANIES (Russell 2000)            238.5   1.1   22.6
      ALL COMPANIES (Russell 3000)              259.1   0.5   9.1
      
                                                         % change (local currency)
      FOREIGN STOCKS                           Latest   Week   52-week
      LONDON (FINANCIAL TIMES 100)             2941.3   2.0   22.9
      TOKYO (NIKKEI INDEX)                   20,497.6   3.4   28.2
      TORONTO (TSE COMPOSITE)                  3988.5   1.7   17.1
      
      FUNDAMENTALS                         Latest   Week ago   Year ago
      90-DAY TREASURY BILL YIELD            3.15%   3.15%       3.23%   
      30-YEAR TREASURY BOND YIELD           6.55%   6.65%       7.43%   
      S&P 500 DIVIDEND YIELD                2.79%   2.79%       2.90%   
      S&P 500 PRICE/EARNINGS RATIO          22.8     21.3        24.6      
      
      TECHNICAL INDICATORS                      Latest   Week ago    Reading
      S&P 500 26-week moving average             446.2     445.9     Positive   
      Stocks above 26-week moving average        58.3%     55.8%     Negative   
      Speculative sentiment: Put/call ratio       0.49      0.51     Positive   
      Insider sentiment: Vickers sell/buy ratio   2.25      2.32     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
      HOMEBUILDING              11.4   37.8  KAUFMAN & BROAD 
                                             HOME                 12.2   35.0  20 3/4
      HOTELS AND MOTELS         10.5   83.8  PROMUS               21.7   308.6 59 1/2
      TRANSPORTATION SERVICES   10.3   26.4  PITTSTON SERVICES 
                                             GROUP                34.4   39.8  21 1/2
      LIFE INSURANCE             9.8   28.2  LINCOLN NATIONAL     12.7   33.8  43 1/4
      FURNISHINGS AND APPLIANCES 9.5   26.9  WHIRLPOOL            12.9   59.1  63 5/8
      
                                 % change    Weakest             % change
      FOUR-WEEK LAGGARDS    4-week   52-week stock in group   4-week   52-week Price
      APPAREL MANUFACTURING -13.8   -21.3   LIZ CLAIBORNE      -25.5    -35.2  23   
      STEEL                 -11.6    18.1   USX-U.S. STEEL 
                                            GROUP              -28.1      1.8  28 1/2
      COMPUTER SYSTEMS      -10.6   -41.6   APPLE COMPUTER     -24.7    -38.0  29   
      ENTERTAINMENT          -7.1     7.4   WALT DISNEY         -8.3      3.8  37 3/8
      HOUSEHOLD PRODUCTS     -6.9    -5.6   COLGATE-PALMOLIVE  -11.2     -3.3  50 3/4
      MORNINGSTAR INC.
      
      MUTUAL FUNDS
      
      LEADERS                                LAGGARDS
      Four-week total return             %   Four-week total return                %
      UNITED SERVICES WORLD GOLD      11.1   STEADMAN OCEANOGRAPHIC TECHNOLOGY   -8.6
      SHERMAN, DEAN                   10.2   FRANKLIN GLOBAL HEALTH CARE         -4.4
      LEXINGTON STRATEGIC INVESTMENTS  8.9   OPPENHEIMER GLOBAL BIO-TECH         -4.4
      
      52-week total return   %               52-week total return                 %
      LEXINGTON STRATEGIC INVESTMENTS 108.5  INVESCO STRATEGIC HEALTH SCIENCES  -17.8
      EXCEL MIDAS GOLD SHARES          75.0   FIDELITY SELECT HEALTH CARE       -15.7
      UNITED SERVICES WORLD GOLD       72.8   FIDELITY SELECT MEDICAL DELIVERY  -12.6
      DRI/McGRAW-HILL
      
      RELATIVE PORTFOLIOS
         Foreign stocks   Treasury bonds   Gold   U.S. stocks   Money market fund
             $14,139         $12,073      $11,495   $10,889       $10,231
              +3.13%          +1.67%       +2.91%    +0.23%       +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, Aug. 4, 1993, unless 
      otherwise indicated. Industry groups include S&P 500 companies only; 
      performance and share prices are as of market close Aug. 3. Mutual fund returns 
      are as of July 30. Relative portfolios are valued as of Aug. 3. A more detailed 
      explanation of this page is available on request.
      

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