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To: Jim Willie CB who wrote (14231)	4/16/2000 9:52:00 PM
From: Voltaire	Read Replies (2) \| Respond to of 35685

With my angels, THIS SHOW AIN'T OVER! V

To: Jim Willie CB who wrote (14231)	4/17/2000 8:37:00 AM
From: Ruffian	Respond to of 35685

NEW YORK, April 17 (Reuters) - Thomas Galvin, chief investment officer at Donaldson Lufkin & Jenrette, issued a post-apocalypse bull-call on stocks, boosting equities to 90 percent of DLJ's model portfolio from 80 percent. The move, announced early on Monday, follows last week's historic decline in stock prices, a rout punctuated by a general meltdown in U.S. stocks on Friday. Galvin eliminated the 15 percent allocated to bonds, and increased stocks by 10 percentage points and cash by five percentage points to 10 percent. ``Looking at the recent carnage puts the average New York Stock Exchange stock down 30 percent from its 52-week high, and the average NASDAQ stock down almost 50 percent, which has substantially vented valuations As a result, we are taking 15 percent out of the bond mix and adding 10 percent to stocks and five to cash pushing our allocation to 90 percent stocks and 10 percent cash,' Galvin said in a note. ``We continue to view most stocks, excluding dot-coms, as cheap with an S&P 500 median P/E (price earnings ratio) of roughly 15 times 2000 estimates. Most stocks need to catch up with the growth rate in earnings, with the S&P 500 up just two percent from a year ago but earnings up 20 percent,' Galvin said. He added that the Nasdaq composite has ``200 points of downside risk, 2000 points of updside potential.' The Dow Jones industrial average (^DJI - news) Friday lost a record 617.78 points, or 5.66 percent to close at 10,305.77, while the Nasdaq composite (^IXIC - news) free-fell 9.67 percent, or 355.51 points to end at 3,321.27.