MARKET INDEX LABORATORY, Tuesday, June 29, 1999					

INDEX Pr Cls   Open    High    Low    Close   Change %Change 12MO HI  12MO LO					

THE MAJORS					
DOW   10,655  10,655  10,815  10,634  10,815  + 160  +1.5%    11,107    7,539					  
SPX    1,331   1,331 1,351.5   1,328   1,351  +  20  +1.5%     1,368      957				   	
OEX      680     680   691.5   678.5   691.5  +11.5  +1.7%     691.5**    471 					
RUT    448.5   448.5   454.5   448.5     454  + 5.5  +1.2%       464      310 					
TRAN   3,397   3,397   3,411   3,375 3,409.5  +12.5  +0.4%     3,784    2,345					
UTIL     323   323.5   323.5   321.5   322.5  -  .5  -0.8%       334      272					
VIX    22.56   23.50   24.06   22.71   22.99  + .43  +1.9%     48.56    16.88					

TECHNOLOGY/SEMICONDUCTOR/SOFTWARE				
COMP 2,602.5   2,603   2,642   2,594   2,642  +39.5  +1.5%     2,652    1,419				
NDX    2,244   2,244 2,280.5   2,193   2,280  +  36  +1.6%     2,280**  1,129				
MSH    1,110   1,110 1,136.5   1,108 1,136.5  +26.5  +2.4%   1,139.5      480 				
PSE      577     577     591     576     591  +  14  +2.4%       591**    278				
SOX    459.5   459.5   475.3   459.5     474  +14.5  +3.1%	 477      190 			
CWX    759.5   759.5   777.5   752.5   777.5  +  18  +2.4%     777.5**    399  				

INTERNET/NETWORKING				
DOT    582.5   583.5     601   577.5   596.5  +  14  +2.4%	 790      144			
IIX    297.5     297     304     294   303.5  +   6  +2.1%	 358       97			   
GIN      461     461     479     456   474.5  +13.5  +2.9%	 667      114 			
NWX      560     560   574.5     559     574  +  14  +2.5%     582.5      232				
 				
BANKS/BROKERAGE/RETAIL/CONSUMER/DRUGS/CYCLICAL 				
BKX    872.5     871   883.5   870.7   881.5  +   9  + 1 %	 932      592 			
XBD      413     413     421     411     421  +   8  + 2 %       530      149 	
RLX      903     903   920.5     901   920.5  +17.5  + 2 %       966      588	
CMR      545     545   553.5   543.5   553.5  + 8.5  +1.5%       574      444   	   
DRG      353     353   361.5     352     361  +   8  +2.3%	 425      304
CYC      588     588     592     587     592  +   4  +0.6% 	 619      392

OIL/GOLD-SILVER/COMMODITY	
XOI    494.5   494.5     501     493     501  + 6.5  +1.3%       526      377  	
OSX	72.5    72.5    75.5    72.5    75.5  +   3  +4.1%        92       47 
XAU     63.5    63.9    65.2    63.2      65  + 1.5  +2.3%	  87       49
CRX      209     209   212.5   208.5   212.5  + 3.5  +1.8%       229      149	

30 YR. BOND YIELD	
TYX        6.095%    -   6.108%   6.095%  6.057%  	

MARKET INDEX LABORATORY, June 29, 1999  (PAGE 2)	

MISCELLANEOUS INDICES	

AIRLINES/TOBACCO/CHEMICAL/INSURANCE/YEAR 2000	
XAL      165     165     165     164   164.5  -  .5  -0.1%       204      116  	
TOB      294     294   294.5   290.5     291  -   3  -1.1%	 326      236
CEX      501     501   505.5     499     504  +   3  +0.5%       547      402  	
IUX    646.5   646.5     649   642.5     649  + 2.5  +0.4%       710      471	
YTK    204.5   204.5     209   203.5     209  + 4.5  +2.3%       237      144 	

***PLEASE NOTE***Market builds on yesterday's gains as it
climbs the wall of worry with imminent rate hike. More solid gains
and new highs across the board. tomorrow could be last straw for
Bears as capitulation and buying spree took control in final 45 
minutes of trading. Evidence all but overwhelming as OEX, NDX, PSE
and CWX register new all time closing highs.

Not far behind is COMP, SPX, DOW and RUT. OEX Put/Call ratio was .97.
This is respectable given the last two strong days run-up. Anything 
below .80 two days in a row or more means full capitulation and some 
ensuing profit-taking to shortly commence. Maybe investor sentiment
report needs to see not 65% Bulls but unheralded 70% Bulls before the
market ends run for roses. In any event, Yesterday was the uppercut,
today is the right hook. Bears trying to get off the canvas again.
One more left hook would finish the Bear and knock him out.  
 
  
Best, J.T.