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Technically by the w3 specification you should use both for accessibility. Alt tags are meant to be alternative descriptive text for an image for text browsers or surfers without images for whatever reason. Title tags are meant to be used in every element of the page, and are what is meant to show up in tool tips - it's a flaw in IE that makes alt tag text pop up for tool tips instead. Both are going to add a little relevancy to your page, especially for links, but neither are weighted particularly heavily AFAIK because they are too easy to spam.
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