Commentary

A dazzling week in the global financial markets. All the major U.S. stock 
      indexes climbed to record highs, with the Dow Jones industrial average closing 
      on Aug. 25 at a record 3652. The rally was fueled by a strong showing in the 
      bond market, where traders bet on continued disinflation. Yields of benchmark 
      30-year Treasuries fell to a record low of 6.17%. A sobering note: The put-call 
      ratio, a gauge of short-term sentiment, dipped into neutral territory. It was 
      positive the week before.
      
      MARKET ANALYSIS
                                                       % change
      U.S. STOCKS                               Latest   Week   52-week
      DOW JONES INDUSTRIALS                     3652.1   1.3   12.5
      MIDSIZE COMPANIES (S&P MidCap Index)       173.5   0.7   22.6
      SMALL COMPANIES (Russell 2000)             244.4   0.6   30.5
      ALL COMPANIES (Russell 3000)               265.6   0.8   14.5
      
                                                       % change (local currency)
      FOREIGN STOCKS                             Latest   Week   52-week
      LONDON (FINANCIAL TIMES 100)               3079.2   0.2   34.8
      TOKYO (NIKKEI INDEX)                     20,521.5   -1.2   24.1
      TORONTO (TSE COMPOSITE)                    4122.9   1.3   21.9
      
      FUNDAMENTALS                            Latest   Week ago   Year ago
      90-DAY TREASURY BILL YIELD                3.05%   3.04%      3.22%   
      30-YEAR TREASURY BOND YIELD               6.17%   6.26%      7.42%   
      S&P 500 DIVIDEND YIELD                    2.72%   2.77%       2.99%   
      S&P 500 PRICE/EARNINGS RATIO              23.7      23.5      24.3      
      
      TECHNICAL INDICATORS                      Latest   Week ago     Reading
      S&P 500 26-week moving average             447.5      446.7     Positive   
      Stocks above 26-week moving average         62.6%     60.0%     Neutral   
      Speculative sentiment: Put/call ratio       0.39      0.48      Neutral   
      Insider sentiment: Vickers sell/buy ratio   2.24      2.11      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   18.0   65.2   FLEETWOOD ENTERPRISES   21.7  76.0  23 7/8
      COMMUNICATIONS 
      EQUIPMENT              17.3   14.5   NORTHERN TELECOM        21.3 -23.8  26 3/8 
      HOMEBUILDING           14.3   62.5   PULTE                   23.3  55.8  37  
      SEMICONDUCTORS         13.8  127.6   ADVANCED MICRO DEVICES  25.9  259.4  31   
      OIL EXPLORATION AND 
      PRODUCTION             11.8   11.9   ORYX ENERGY             16.5   5.7   23   
      
                               % change     Weakest                % change
      FOUR-WEEK LAGGARDS   4-week   52-week stock in group       4-week 52-week Price
      LONG-DISTANCE 
      TELECOMMUNICATIONS   -6.7   45.0      AT&T                   -8.1   38.9 59 3/8
      TRUCKING             -4.9   -2.4      CONSOLIDATED 
                                            FREIGHTWAYS            -9.7   9.8   14   
      PAPER CONTAINERS     -4.4  -23.8      STONE CONTAINER       -10.1 -54.7   7 3/4
      AFTERMARKET AUTO 
      PARTS                -4.0   20.6      GOODYEAR TIRE & RUBBER -6.4   23.8 40 3/8
      COMMERCIAL SERVICES  -3.4   -6.5      JWP                   -15.4 -78.0   1 3/8
      MORNINGSTAR INC.
      
      MUTUAL FUNDS
      LEADERS                                LAGGARDS
      
      Four-week total return            %    Four-week total return               %
      PROGRESSIVE AGGRESSIVE GROWTH   15.4   LEXINGTON STRATEGIC INVESTMENTS   -11.2
      GAM INTERNATIONAL               12.6   UNITED SERVICES GOLD SHARES        -5.9
      GAM GLOBAL                      12.6   STEADMAN OCEANOGRAPHIC TECHNOLOGY   -4.7
      
      52-week total return             %     52-week total return                  %
      PBHG GROWTH                     89.8   INVESCO STRATEGIC HEALTH SCIENCES  -14.4
      LEXINGTON STRATEGIC INVESTMENTS 82.9   FIDELITY SELECT MEDICAL DELIVERY   -13.7
      EXCEL MIDAS GOLD SHARES         80.8   FIDELITY SELECT HEALTH CARE        -12.0
      DRI/McGRAW-HILL
      
      RELATIVE PORTFOLIOS
        Foreign stocks   Treasury bonds   U.S. stocks   Gold   Money market fund
          $13,200          $12,176         $11,489     $10,995      $10,228
           -1.48%           +0.65%          +1.47%      +0.55%      +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. 25, 1993, unless 
      otherwise indicated. Industry groups include S&P 500 companies only; 
      performance and share prices are as of market close Aug. 24. Mutual fund 
      returns are as of Aug. 20. Relative portfolios are valued as of Aug. 24. A more 
      detailed explanation of this page is available on request.
      
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