Prognosis '96 Securities

Positives

-- The soaring stock market is boosting the brokerage business.

-- Mergers, acquisitions, and IPOs should remain strong.

-- Congress may cut capital-gains taxes and restore deductibility of IRAs.

Negatives

-- Brokerage stocks are due for a correction after their big 1995 runup.

-- Overcapacity in the industry will keep restraining margins.

PROGNOSIS '96--SECURITIES
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