[IMAGE]  Market  Insight for November 19, 2001  From    [IMAGE]    The  Global Online Financial Services Firm      Introducing  Goldman Sachs PrimeAccesssm Research  As a TD Waterhouse customer,  you now have online access to Goldman Sachs PrimeAccesssm  Research. Just login at  tdwaterhouse.com , click on 'News & Research', and then  on 'Goldman Sachs'.  Gradual  Uptrend Anticipated By Arnie Kaufman, Editor, The Outlook   We see further  but slower market progress.  Tired  after their recent run, stocks nevertheless are being supported  by signs that the economy is stabilizing, better news from Afghanistan  and a large pool of cash reserves earning meager returns. The  two-steps-forward, one-step-backward recovery since September  21 hasn't created the enthusiasm that would necessitate an early,  nasty correction. Investors, keeping in mind that every rally  of the past 19 months has ultimately failed, are regaining their  confidence only slowly.  Background  conditions don't lend themselves to a strong advance in the near  term. While recent data suggest that the recession will be mild  and will end early next year, risks to this forecast are high.  Another terrorist attack could deepen consumer gloom. The possibility  of the disruption of oil supplies still exists. The fiscal stimulus  package continues to be bogged down in partisan bickering.   Treasury  bond yields, moreover, have turned sharply higher, spurred by  the less dire economic reports and by chart breakouts. Yields  have quickly retraced the September-October decline.  S&P  technical analyst Mark Arbeter is impressed by the recent stock  market action and anticipates higher levels over the intermediate  term, but he believes the easiest and quickest gains are behind.  Arbeter sees a likely substantial amount of stock for sale when  Nasdaq (currently at 1898) moves into the 1920 to 2300 range and  the S&P 500 (now at 1139) reaches 1170 to 1300. He expects  it will take time to chew through this supply.  History  also suggests limited near-term upside potential. Three months  after the low points of the nine postwar bear markets, the S&P  500 was up an average of 14.9%. The index is already up 18% since  the September 21 low. Six months after the nine postwar bear market  lows, however, the "500" showed an average gain of 24.4%;  12 months after the lows, the index was ahead 34.5%, on average.  As  a TD Waterhouse customer, you can view a complete copy of S&P's  The Outlook (a $298 value) for FREE. Just select 'News &  Research' when you login  to yourTD Waterhouse account . The Outlook is available under 'Other  Reports.'    The time  is right to refinance your mortgage!  Mortgage rates are lower now than they've been in years. Seize the  opportunity to reduce your monthly payments - call us today at 1-877-245-8953  to refinance. Visit  our web site  for more.        Your feedback is important to us! Email us with any questions or  comments at eServices@tdwaterhouse.com       TD  Waterhouse Investor Services, Inc. Member NYSE/SIPC.  Access  to services and your account may be affected by market conditions,  system performance or for other reasons. Under no circumstances should the information  herein be construed as a recommendation, offer to sell or solicitation  of an offer to buy a particular security. The article and opinions  herein are obtained from unaffiliated third parties and are provided  for informational purposes only. While the information is deemed  reliable, TD Waterhouse cannot guarantee its accuracy, completeness  or suitability for any purpose and makes no warranties with regard  to the results to be obtained from its use.   To unsubscribe  from this email, login to  your account  and select "My Account' then 'My Info'. Or email us at eServices@tdwaterhouse.com