To state my bull case, I believe stocks could advance 10% next year because of the following factors:

• Historically low interest rates.
• Strong jobs and income growth that will fuel consumer spending.
• A bottoming out in housing and in autos.
• Continued developing market strength, which will spill over into the U.S. economy through a weakening dollar.
• The unleashing of the formidable spending power at big cash-rich companies.
• Decent valuations in stock markets that trade below historic price earnings multiples.

To round up some bears, I checked with Mark Hulbert at Hulbert Financial Digest, which ranks investment newsletters.

The best of these unsung market heroes regularly turn in market-beating returns and offer tips on how you can do the same for just a few hundred dollars a year.

At least two chart-topping newsletter writers with great long-term records are currently bears: Ruff Times editor Howard Ruff and Outstanding Investments editor Justice Litle.

Here's a quick look at some of their best picks for 2007 -- which also happen to fit in with my bullish-scenario themes such as continued high energy prices, a declining dollar and strong emerging markets.

Outstanding Investments

Litle identifies major economic and social trends around the globe. Then he finds stocks that will benefit. "Most of our picks are tied into major sea changes that are unfolding over a long period of time," says Litle. Outstanding Investments is up 36.9% a year on average over the past five years, according to Hulbert Financial Digest.

Litle's market call: He thinks that the odds of recession in the U.S. next year are high and that the consumer could weaken as the housing bubble continues to deflate. He's wary of the U.S. markets.

In contrast, he sees "surprising strength" in developing-world economies -- one of the macro themes he's betting on for 2007. Other big-picture themes he's playing include: