Weekend Linkfest

That was a hell of a surprising year, to say the least. The market sold off midyear but rallied back harder than many people (including me) anticipated. By just about any measure, 2006 was a much stronger year than most had forecast. By the numbers, the Russell 2000 surged 17%, just edging out the Dow's gain of 16.3%. The Standard & Poor's 500 rose 13.6%, while the Nasdaq Composite was the laggard, gaining "just" 9.5%.

Oil gained exactly one penny over 2006, but it sure didn't feel that way. Natural gas plummeted 44% for the year. Gold was a winner, up 23%, but the yellow metal couldn't keep up with either copper (up 41%) or silver (up 46%). The U.S. dollar, measured by the J.P. Morgan dollar index, lost about 4%. Overseas markets were also up in a big way, with most outperforming the U.S. indices.

Let's take a look at the key stories gone by, and those that will matter in '07. It's the last linkfest of 2006!

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INVESTING & TRADING

• "LET'S DISPENSE WITH THE SUSPENSE. We already know what 2007 will mean for the stock market: Because it is the third year of a presidential term, the market will be up dramatically, as has been the case in such years. But because it's a year ending in "7" that is not the second year of a presidential term, 2007 will not be as good as typical third years of the election cycle. And let's not forget that because it's a "7" year that's also the fifth year of a bull market, we'll see a late-year crash, a la 1937 and '87." So writes Mike Santoli, with tongue planted firmly in cheek, in this week's Barron's Trader column.

• The New York Times' Floyd Norris asks: Does the S.E.C. Know What It Is Doing?

• Given the underperformance of the Nasdaq, it's no surprise we witnessed a Nasdaq Trend Break.

• Why did so many IPOs list in London and Hong Kong? For the same reason Willie Sutton robbed banks: It's where the money is. The Big Apple's glory days have passed.

• There are tons of year-end reviews and previews:

Year End Review & Preview (MarketWatch) ...