Commentary

Feel the ground rumbling from the stampeding bulls? It's hard to find a stock 
      market index that isn't making a new high--the Dow Jones industrials, the S&P 
      500, the S&P Midcap, and the Russell 2000. They're getting a big boost from an 
      epic bond rally that sent the yield on the 30-year U.S. Treasury bond to 
      6.26%--the lowest since the government began issuing the bonds in 1977. 
      Overseas, the bourses are booming, too, with the foreign stock portfolio up 
      3.22%. London and Toronto hit new highs.
      
      MARKET ANALYSIS
                                                         % change
      U.S. STOCKS                             Latest   Week   52-week
      DOW JONES INDUSTRIALS                    3604.9   0.6   9.0
      MIDSIZE COMPANIES (S&P MidCap Index)      172.4   1.6   19.6
      SMALL COMPANIES (Russell 2000)            242.8   1.2   26.8
      ALL COMPANIES (Russell 3000)              263.5   1.2   12.1
                                                       % change (local currency)
      FOREIGN STOCKS                           Latest   Week   52-week
      LONDON (FINANCIAL TIMES 100)             3073.6   2.2   30.0
      TOKYO (NIKKEI INDEX)                   20,773.2   0.2   41.8
      TORONTO (TSE COMPOSITE)                  4069.3   1.3   20.2
      
      FUNDAMENTALS                             Latest Week ago Year ago
      
      90-DAY TREASURY BILL YIELD                3.04%   3.09%   3.15%   
      30-YEAR TREASURY BOND YIELD               6.26%   6.44%   7.32%   
      S&P 500 DIVIDEND YIELD                    2.77%   2.79%   2.92%   
      S&P 500 PRICE/EARNINGS RATIO              23.5     22.8   24.5      
      
      TECHNICAL INDICATORS                    Latest   Week ago   Reading
      S&P 500 26-week moving average           446.7    446.3   Positive   
      Stocks above 26-week moving average      60.0%    58.4%   Neutral   
      Speculative sentiment: Put/call ratio     0.48     0.42   Positive   
      Insider sentiment: Vickers sell/buy ratio 2.11     2.13   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
      SEMICONDUCTORS      21.1  120.9   ADVANCED MICRO DEVICES   37.1   240.0  31 7/8
      HOMEBUILDING        19.1   51.4   PULTE                    29.4   49.7   36 7/8
      MANUFACTURED 
      HOUSING             14.5   52.2   FLEETWOOD ENTERPRISES    16.8   58.8   22 5/8
      HOTELS AND MOTELS   13.0   99.5   PROMUS                   25.3   321.1  67 3/8
      AIRLINES            10.1   16.8   USAIR GROUP              12.6   31.4   16 3/4
      
                             % change    Weakest                      %change
      FOUR-WEEK LAGGARDS 4-week  52-week stock in group          4-week 52-week Price
      STEEL               -7.4   32.6   BETHLEHEM STEEL         -23.5   15.2   14 1/4
      SHOES               -6.1  -18.5   STRIDE RITE             -11.1  -31.3   14   
      COMMERCIAL SERVICES -5.3   -9.7   OGDEN                   -14.4   14.0   22 3/8
      POLLUTION CONTROL   -5.1   -8.8   BROWNING-FERRIS 
                                        INDUSTRIES              -14.9   4.0    22 7/8
      MEDICAL PRODUCTS 
      AND SUPPLIES        -4.1  -25.5   C.R. BARD                -9.5 -24.1   22  1/2
      MORNINGSTAR INC.
      
      MUTUAL FUNDS
      
      LEADERS                               LAGGARDS
      Four-week total return           %    Four-week total return                %   
      MERRILL LYNCH TECHNOLOGY A     12.1   LEXINGTON STRATEGIC INVESTMENTS     -22.2
      GAM INTERNATIONAL              11.5   UNITED SERVICES GOLD SHARES         -13.6
      GAM GLOBAL                     11.1   BULL & BEAR GOLD INVESTORS          -11.8
      
      52-week total return              %   52-week total return                  %
      DFA JAPANESE SMALL COMPANY     96.5   INVESCO STRATEGIC HEALTH SCIENCES   -18.1
      PBHG GROWTH                    80.5   FIDELITY SELECT HEALTH CARE         -17.1
      CAPSTONE NIKKO JAPAN           77.8   FIDELITY SELECT MEDICAL DELIVERY    -15.1
      DRI/McGRAW-HILL
      
      RELATIVE PORTFOLIOS
         Foreign stocks   Treasury bonds   U.S. stocks   Gold   Money market fund
          $13,792            $12,147        $11,062    $10,970      $10,229
           +3.22%             +0.46%         +0.82%     -2.30%       +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. 18, 1993, unless 
      otherwise indicated. Industry groups include S&P 500 companies only; 
      performance and share prices are as of market close Aug. 17. Mutual fund 
      returns are as of Aug. 13. Relative portfolios are valued as of Aug. 17. A more 
      detailed explanation of this page is available on request.