RIGEL CAPITAL MANAGEMENT INC/WA
13F-HR, 2000-02-16
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			UNITED STATES
		SECURITIES AND EXCHANGE COMMISSION
			WASHINGTON, D.C.  20549

				FORM 13F

			FORM 13F COVER PAGE

Report for the calendar or quarter ended:  December 31, 1999

Check here if Amendment [  ]; Amendment Number:
This Amendment (check only one.): 	[  ]  is a restatement.
				  	[  ]  adds new holdings entries.

Institutional Investment Manager Filing this Report:

Name:		Rigel Capital Management, Inc.
Address:		3420 One Union Square
		600 University St.
		Seattle, WA  98101-1129

13F File Number:

The institutional investment manager filing this report and the person
by whom it is signed hereby represent that the person signing the report
is authorized to submit it, that all information contained herein is
true, correct and complete, and that it is understood that all required
items, statements, schedules, lists, and tables, are considered integral
parts of this form.


Person Signing this Report on Behalf of Reporting Manager:

Name:		Christopher B. Sharp
Title:		Corporate Secretary
Phone:		206-467-5000
Signature, Place, and Date of Signing

	Christopher B. Sharp	Seattle, WA 	February 15, 2000

Report Type (Check only one.):

[X]	13F HOLDINGS REPORT

[  ]	13F NOTICE

[  ]	13F COMBINATION REPORT


List of Other Managers Reporting for this Manager:

I AM SIGNING THIS REPORT AS REQUIRED BY THE SECURITIES EXCHANGE ACT OF 1934.
<PAGE>

			FORM 13F SUMMARY PAGE

Report Summary:

Number of Other Included Managers: 		0

Form 13F Information Table Entry Total:		98

Form 13F Information Table Value Total:		$128,953


List of Other Included Managers:  None




<TABLE>
                                                                  FORM 13F INFORMATION TABLE
                                                           VALUE   SHARES/  SH/ PUT/ INVSTMT    OTHER          VOTING AUTHORITY
        NAME OF ISSUER          TITLE OF CLASS    CUSIP   (x$1000) PRN AMT  PRN CALL DSCRETN   MANAGERS     SOLE    SHARED    NONE
- ------------------------------ ---------------- --------- -------- -------- --- ---- ------- ------------ -------- -------- --------
<S>                            <C>              <C>       <C>      <C>      <C> <C>  <C>     <C>          <C>      <C>      <C>
AERIAL COMMUNICATIONS COM      COM              007655103     1860 30550.00 SH       SOLE                 30550.00
AES CORP COM                   COM              00130H105      777 10400.00 SH       SOLE                 10400.00
AFLAC INC COM                  COM              001055102      226  4800.00 SH       SOLE                  4800.00
AMERICA ONLINE INC DEL COM     COM              02364J104     1121 14770.00 SH       SOLE                 14770.00
AMERICAN INTL GROUP COM        COM              026874107     2780 25712.00 SH       SOLE                 25712.00
AMGEN INC COM                  COM              031162100      601 10000.00 SH       SOLE                 10000.00
APPLE COMPUTER INC COM         COM              037833100      794  7725.00 SH       SOLE                  7725.00
APPLIED MATLS INC COM          COM              038222105      659  5200.00 SH       SOLE                  5200.00
ASIA TIGERS FUND, INC. COMMMON COM              04516T105      287 28000.00 SH       SOLE                 28000.00
ASM LITHOGRAPHY HLDG N Y SHS   COM              N07059111      284  2500.00 SH       SOLE                  2500.00
AT&T CORP COM LIB GRP A        COM              001957208     1176 20700.00 SH       SOLE                 20700.00
BIOGEN                         COM              090597105      938 11100.00 SH       SOLE                 11100.00
BRISTOL MYERS SQUIBB COM       COM              110122108      565  8800.00 SH       SOLE                  8800.00
BROADCOM CORP CL A             COM              111320107     1491  5475.00 SH       SOLE                  5475.00
CATALINA MARKETING CP COM      COM              148867104      266  2300.00 SH       SOLE                  2300.00
CHARTER COMMUNCTNS DEL CL A    COM              16117M107     1462 66850.00 SH       SOLE                 66850.00
CHASE MANHATTAN NEW COM        COM              16161A108      563  7250.00 SH       SOLE                  7250.00
CIENA CORP COM                 COM              171779101      201  3500.00 SH       SOLE                  3500.00
CISCO                          COM              17275R102     9065 84625.00 SH       SOLE                 84625.00
CITIGROUP INC COM              COM              172967101     1601 28749.00 SH       SOLE                 28749.00
COLGATE PALMOLIVE CO COM       COM              194162103      850 13080.00 SH       SOLE                 13080.00
COMCAST CORP - SPECIAL CLASS A COM              200300200      356  7050.00 SH       SOLE                  7050.00
COMPAQ COMPUTER CORP COM       COM              204493100      468 17275.00 SH       SOLE                 17275.00
CONEXANT SYSTEMS INC COM       COM              207142100     1545 23275.00 SH       SOLE                 23275.00
CORNING INC COM                COM              219350105      967  7500.00 SH       SOLE                  7500.00
COSTCO WHSL CORP NEW COM       COM              22160K105     1366 14975.00 SH       SOLE                 14975.00
CUTTER & BUCK INC COM          COM              232217109      160 10600.00 SH       SOLE                 10600.00
DELL COMPUTER CORP COM         COM              247025109      525 10300.00 SH       SOLE                 10300.00
E M C CORP MASS COM            COM              268648102     2939 26900.00 SH       SOLE                 26900.00
E-TEK DYNAMICS INC COM         COM              269240107     1942 14425.00 SH       SOLE                 14425.00
EMULEX CORP COM NEW            COM              292475209      349  3100.00 SH       SOLE                  3100.00
ENRON CORP COM                 COM              293561106      577 13000.00 SH       SOLE                 13000.00
EXXON CORP COM                 COM              302290101      381  4724.00 SH       SOLE                  4724.00
FANNIE MAE                     COM              313586109     1595 25550.00 SH       SOLE                 25550.00
FLEXTRONICS INTL LTD ORD       COM              Y2573F102     1010 21950.00 SH       SOLE                 21950.00
GAP INC DEL COM                COM              364760108      202  4387.00 SH       SOLE                  4387.00
GENERAL ELECTRIC CO. COMMON    COM              369604103     5741 37100.00 SH       SOLE                 37100.00
GO2NET INC COM                 COM              383486107     2321 26675.00 SH       SOLE                 26675.00
HARMONIC INC COM               COM              413160102     1728 18200.00 SH       SOLE                 18200.00
HOME DEPOT                     COM              437076102     3426 49837.50 SH       SOLE                 49837.50
HONEYWELL INC COM              COM              438516106      305  5281.00 SH       SOLE                  5281.00
ICOS CORP                      COM              449295104     1314 44925.00 SH       SOLE                 44925.00
INTEL CORP COM                 COM              458140100     2922 35500.00 SH       SOLE                 35500.00
INTERNATIONAL BUS MACH COM     COM              459200101      820  7600.00 SH       SOLE                  7600.00
JDS UNIPHASE CORP COM          COM              46612J101     5009 31050.00 SH       SOLE                 31050.00
JOHNSON & JOHNSON COM          COM              478160104      578  6200.00 SH       SOLE                  6200.00
LA Z BOY INC COM               COM              505336107      245 14600.00 SH       SOLE                 14600.00
LAM RESH CORP COM              COM              512807108      268  2400.00 SH       SOLE                  2400.00
LEAP WIRELESS INTL INC COM     COM              521863100      491  6250.00 SH       SOLE                  6250.00
LEXMARK INTL GROUP INC CL A    COM              529771107      330  3650.00 SH       SOLE                  3650.00
LILLY ELI & CO COM             COM              532457108      655  9850.00 SH       SOLE                  9850.00
LUCENT TECHNOLOGIES COM        COM              549463107     2771 36948.00 SH       SOLE                 36948.00
MCI WORLD COM INC.             COM              55268B106     3021 56925.00 SH       SOLE                 56925.00
MEDIMMUNE INC COM              COM              584699102      705  4250.00 SH       SOLE                  4250.00
MERCK                          COM              589331107      922 13725.00 SH       SOLE                 13725.00
MERRILL LYNCH                  COM              590188108      450  5400.00 SH       SOLE                  5400.00
MICROSOFT                      COM              594918104     8765 75075.00 SH       SOLE                 75075.00
MORGAN S D WITTR ASIA COM      COM              61744U-10      177 15000.00 SH       SOLE                 15000.00
MORGAN STAN DEAN WITTR COM NEW COM              617446448      671  4700.00 SH       SOLE                  4700.00
MRV COMMUNICATIONS INC COM     COM              553477100      251  4000.00 SH       SOLE                  4000.00
NETWORK APPLIANCE INC COM      COM              64120L104     2317 27900.00 SH       SOLE                 27900.00
NEXTEL A COMMON                COM              65332V103     1379 13375.00 SH       SOLE                 13375.00
NEXTLINK COMMUNICATION CL A    COM              65333H707      860 10350.00 SH       SOLE                 10350.00
NOKIA CORP SPONSORED ADR       COM              654902204     2561 13405.00 SH       SOLE                 13405.00
NORTEL NETWORKS CORP COM       COM              656569100     1745 17275.00 SH       SOLE                 17275.00
OAK INDS INC COM NEW           COM              671400505      244  2300.00 SH       SOLE                  2300.00
OMNICOM                        COM              681919106     1137 11375.00 SH       SOLE                 11375.00
OMNIPOINT CORP COM             COM              68212D102      603  5000.00 SH       SOLE                  5000.00
OPTICAL COATING LAB COM        COM              683829105      770  2600.00 SH       SOLE                  2600.00
ORACLE CORP COM                COM              68389X105     1072  9570.00 SH       SOLE                  9570.00
PACCAR INC COM                 COM              693718108      399  8993.00 SH       SOLE                  8993.00
PFIZER                         COM              717081103     2070 63825.00 SH       SOLE                 63825.00
QUALCOMM INC COM               COM              747525103     2677 15200.00 SH       SOLE                 15200.00
RESEARCH IN MOTION LTD COM     COM              760975102      358  7750.00 SH       SOLE                  7750.00
RF MICRODEVICES INC COM        COM              749941100      944 13800.00 SH       SOLE                 13800.00
ROYAL DUTCH PETE CO NY REG GLD COM              780257804      385  6350.00 SH       SOLE                  6350.00
SCHERING PLOUGH                COM              806605101      371  8750.00 SH       SOLE                  8750.00
SDL INC COM                    COM              784076101     3995 18325.00 SH       SOLE                 18325.00
SHURGARD STORAGE CTRS COM      COM              82567D104      373 16100.00 SH       SOLE                 16100.00
SOLECTRON CORP COM             COM              834182107      366  3850.00 SH       SOLE                  3850.00
SPRINT CORP COM FON GROUP      COM              852061100      333  4950.00 SH       SOLE                  4950.00
SPRINT CORP PCS COM SER 1      COM              852061506      465  4537.00 SH       SOLE                  4537.00
STARBUCKS CORP COM             COM              855244109     1129 46550.00 SH       SOLE                 46550.00
SUN MICROSYSTEMS INC COM       COM              866810104      997 12880.00 SH       SOLE                 12880.00
SYMBOL TECHNOLOGIES COM        COM              871508107      385  6050.00 SH       SOLE                  6050.00
TELLABS                        COM              879664100      542  8450.00 SH       SOLE                  8450.00
TYCO INTL LTD NEW COM          COM              902124106      704 18050.00 SH       SOLE                 18050.00
UNITED ASSET MGMT CORP COM     COM              909420101      576 31010.00 SH       SOLE                 31010.00
VISIO CORP COM                 COM              927914101     1439 30300.00 SH       SOLE                 30300.00
VODAFONE AIRTOUCH PLC SPONSORE COM              92857T107     1635 33025.00 SH       SOLE                 33025.00
VOICESTREAM WIRELESS COM       COM              928615103     3177 22325.00 SH       SOLE                 22325.00
WAL MART STORES INC COM        COM              931142103     1479 21400.00 SH       SOLE                 21400.00
WARNER LAMBERT CO COM          COM              934488107     1102 13452.00 SH       SOLE                 13452.00
WASHINGTON FED INC COM         COM              938824109     1479 74876.00 SH       SOLE                 74876.00
WASHINGTON MUT INC COM         COM              939322103     1846 71337.00 SH       SOLE                 71337.00
WATERS                         COM              941848103      334  6300.00 SH       SOLE                  6300.00
WIND RIVER SYSTEMS INC COM     COM              973149107      330  9000.00 SH       SOLE                  9000.00
XILINX INC COM                 COM              983919101      564 12400.00 SH       SOLE                 12400.00
</TABLE>


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