A bumpy - but profitable - ride to 2000.

Market investors would be wise to take note of Bette Davis' advice in the movie "All About Eve" as they ponder their prospects for the remainder of the decade: "Fasten your seat-belts," she said. It's going be a bumpy ride.

Bumpy, maybe - but still positive, especially for the rest of 1996. Why? An economic soft landing, baby boomers entering their peak savings years, and a nation readying to elect a president all will play significant roles in how the stock market fares.

The Fed has provided fuel for optimism for the rest of this year, first by boosting rates two years ago to cool the economy, then recently lowering rates to prevent an economic downturn. Heartened by the slow but sustainable rate in economic growth it triggered, the Fed will lower rates later this year. Expect long-term interest rates to dip this year to the 1993 low of 5.8 percent.

Gradually falling interest rates bode well for baby boomers looking to invest assets that are accumulating as retirement draws nearer. The infusion of liquidity, in turn, provides a favorable investment backdrop for market investors.

Historical stats from previous election years can be telling. Since 1952, the last seven months of a presidential election year have been up for the market as presidents try to sway the economy to better their chances of re-election or help their party retain the White House. Since 1832, two-thirds of the 41 election years have proved positive for the market. In the last half century, the market has shown an average gain of 11.4 percent in 10 of the 12 presidential election years.

Prospects are equally rosy if one looks at 10-year cycles. Since 1832, whenever the fifth year of the decade preceded a presidential election and the market gained double digits, as it did in 1995, the sixth year of the decade has been an up year for the market. And, since 1886, the market has risen eight times and declined three times in the decade's sixth year.

Cyclical history also requires looking ahead to 1997. Conversely, the market has risen only three times and fallen eight times in the decade's seventh year since 1887. A study by the Center for International Cycle Research at Columbia University bears that out. Since 1919, the center reports, business expansions usually last three years. The current expansion started in April 1994, so it may lose steam in early 1997.

For 1996, the weak link in the economy is consumer spending. High levels of consumer debt coupled with the lack of significant wage increases deter spending. These factors support inflation remaining in the 2 percent to 3 percent range for 1996.

This year, market growth will come from individual investors, foreign investors moving money into U.S.-based equity investments now that the dollar has stabilized, and corporate mergers and acquisitions. For the long term, corporate restructuring, increased productivity from technological advances, and stock buyback programs provide a bright future for the market.

Some stocks with attractive investment opportunity for 1996 include:

* American Brands (NYSE/AMB, around $46). American Brands is a global manufacturer of consumer products in four key areas: tobacco, spirits, hardware, and golf and leisure products. With operations generating over $1 billion per year in cash flow, AMB continues to be aggressive in share repurchase programs, which have reduced the number of shares outstanding by 25 million over the last year. AMB recently completed the acquisition of Cobra Golf, which complements its Titleist line of golf equipment.

* American Precision Industries (NYSE/APR, around $12). American Precision industries manufactures and distributes heat transfer equipment, motion-control devices, and electronic components. CEO Kurt Wiedenhaupt has transformed APR into a global corporation. Revenue now comes from Europe and Asia to garner an increasing share of the worldwide capital spending spree. In September 1995, American Precision was named to World Trade magazine's list of the top 100 Fast-Growing High-Tach Manufacturers in America. Through the end of 1995, earnings per share gained 38 percent over 1994, with new-order backlogs at more than $30 million.

* Federal National Mortgage Association (NYSE/FNM, around $33). Fannie Mae has built a much less risky loan portfolio than other financial institutions by focusing its principal assets on mortgages secured by moderately priced homes, which have a much lower default rate than higher-priced homes. The current low interest rate environment also allows Fannie Mae to retire high-cost debt, while at the same time possibly doubling its fixed-rate mortgage portfolio. Stock buybacks - which could reach 9 percent of the outstanding shares - also should boost shareholder value.

* WorldCom (NASDAQ/WCOM, around $40). As the fourth largest long-distance telephone carrier and owner of a nationwide fiber-optic network, WorldCom has an increasing exposure to high-growth market sectors, putting it on track for earnings growth of 30 percent in 1996. With telephone deregulation, WorldCom should benefit long-term by selling long-distance service to regional bell telephone companies for out-of-region service.

David Elias is president and chief executive of Elias Asset Management, a Williamsville, NY-based investment management firm.