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EVEN AFTER THE STOCK MARKET'S BOFFO performance in July, investors can be forgiven for feeling some trepidation, if not fear and loathing, about stocks. Up nearly 50% from the March lows, the Standard & Poor's 500 certainly inspires a measure of vertigo after so furious a rally. Moreover, last Friday's gross domestic product numbers show the all-important bulwark of economic growth, consumer spending, turned negative in the second quarter. Even good news on the recession and housing fronts is invariably met with predictions that the pain is far from over and a second dip impends in the near future. Finally, employment and consumer confidence measures, albeit lagging indicators, still signal much gloom. So we were intrigued by a report put out last week by Wells Capital Management's strategist, James Paulsen, contending, in line with his generally sunny Minneapolis point of view, that investors not only should stay in stocks, especially if they're fortunate enough to be well-positi