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GEN:Regression Analysis



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This is the results of a regression analysis that compares the weekly S&P
500 close with its Earnings Yield and its Dividend Yield. The column
labeled "exptd" is the expected range based on the earnings yield for the
S&P and weekly closing price of the S&P for the Earnings Yield and the
Dividend Yield. The expected earnings yield based on the price of the S&P
was to high in the beginning of the year. The S&P and the earnings yield
started to come into line around the end of march and the beginning of
april. They have been very closely related to each other since then. a
projection of earnings estimates and/or dividend yields will give a close
estimation of where we can expect to go from here.

Good Luck
Ron McEwan



date	spx	exptd	ernyld	exptd	divyld	exptd
1/3/97	748.03	807.36	4.81	4.97	2.01	1.99
1/10/97	759.50	824.27	4.74	4.93	1.96	1.97
1/17/97	776.17	848.44	4.64	4.87	1.92	1.94
1/24/97	770.50	841.19	4.67	4.89	1.84	1.95
1/31/97	786.16	862.94	4.58	4.84	1.91	1.92
2/7/97	789.56	867.77	4.56	4.83	1.90	1.92
2/14/97	808.48	894.35	4.45	4.76	1.87	1.88
2/21/97	801.77	788.03	4.89	4.79	1.88	1.90
2/28/97	790.82	773.53	4.95	4.82	1.91	1.92
3/7/97	804.97	804.94	4.82	4.78	1.88	1.89
3/14/97	793.17	790.44	4.88	4.82	1.91	1.91
3/21/97	784.10	775.94	4.94	4.85	1.94	1.93
3/27/97	773.88	761.44	5.00	4.88	1.96	1.95
4/4/97	757.90	737.28	5.10	4.94	2.01	1.98
4/11/97	737.65	701.03	5.25	5.01	2.06	2.01
4/18/97	766.34	749.36	5.05	4.91	1.99	1.96
4/25/97	765.37	746.94	5.06	4.91	1.99	1.96
5/2/97	812.97	819.44	4.76	4.75	1.88	1.88
5/9/97	824.78	833.94	4.70	4.71	1.86	1.85
5/16/97	829.75	807.36	4.81	4.69	1.85	1.84
5/23/97	847.03	831.52	4.71	4.63	1.82	1.81
5/30/97	848.28	821.86	4.75	4.63	1.82	1.81
6/6/97	858.01	836.36	4.69	4.60	1.80	1.79
6/13/97	893.27	879.85	4.51	4.48	1.72	1.73
6/20/97	898.70	887.10	4.48	4.46	1.71	1.72
6/27/97	887.30	872.60	4.54	4.50	1.74	1.74
7/3/97	916.92	908.85	4.39	4.40	1.73	1.68
7/11/97	916.68	908.85	4.39	4.40	1.68	1.68
7/18/97	915.30	906.44	4.40	4.40	1.69	1.69
7/25/97	938.79	933.02	4.29	4.32	1.64	1.64
8/1/97	947.14	942.68	4.25	4.29	1.63	1.63
8/8/97	933.54	928.18	4.31	4.34	1.65	1.65
8/15/97	900.81	889.52	4.47	4.45	1.71	1.71
8/22/97	923.54	908.85	4.39	4.37	1.67	1.67
8/29/97	899.47	879.85	4.51	4.46	1.71	1.72
9/5/97	929.05	916.10	4.36	4.35	1.66	1.66
9/12/97	923.91	908.85	4.39	4.37	1.67	1.67
9/19/97	950.51	937.85	4.27	4.28	1.62	1.62
9/26/97	945.22	933.02	4.29	4.30	1.63	1.63
10/3/97	965.03	954.77	4.20	4.23	1.60	1.60
10/10/97	966.98	957.18	4.19	4.23	1.60	1.59
10/17/97	944.16	933.02	4.29	4.30	1.63	1.63
10/24/97	941.63	928.18	4.31	4.31	1.64	1.64
10/31/97	914.62	899.19	4.43	4.40	1.69	1.69
11/7/97	927.51	913.69	4.37	4.36	1.66	1.67
11/14/97	928.35	913.69	4.37	4.36	1.66	1.66
11/21/97	963.09	952.35	4.21	4.24	1.60	1.60
11/28/97	955.40	942.68	4.25	4.27	1.62	1.61