One of the leading advocates of sticking to cash is veteran money manager Charles W. Allmon, head of the Growth Stock Outlook Trust of Bethesda, an investment fund. For several years, Allmon has contended that the stock market was overpriced and, although he missed several rallies, he kept 70 percent to 85 percent of his assets in short-term Treasury investments. This strategy gave him a 4.2 percent gain in 1990.

Crude oil prices skyrocketed in the weeks after the Iraqi invasion, hitting a record of $41.15 a barrel on Oct. 15, up from $20 before the invasion. Prices then receded as it became clear that oil supplies were sufficient and demand was declining. Crude oil leveled off at about $27 a barrel in December.

ILLUSTRATION,,Lou Myers;INFO-GRAPHIC,,Tobey;INFO-GRAPHIC,,Twp CAPTION:HOW THE MARKETS FARED IN 1990(DATA FOR THIS GRAPHIC WAS NOT AVAILABLE.) CAPTION:THE WINNERS AND LOSERS(DATA FOR THIS GRAPHIC WAS NOT AVAILABLE.)