Market Soapbox & Economic Reports 02/13/07

TUE, triple digit bounce back, DJIA +102 on lower volume with spiffy internals.

All UP. Bonds down 10yr 4.81, $ down vs 121.19y & vs 1.3034E, WTI crude up 2% $58.93, gold up $669.10

SP500 rising from 1433 to 1444, seemingly headed for 1450+. There is still some risk of another downwards test of 1425 before heading further North.

Should 1453 get penetrated on a closing basis, its upward and onward to 1490.

Treasury Budget Jan +$38.2B

Inside the number: JAN usually a surplus month because many individuals must make estimated tax payments. The Jan surplus is up from $21B a year ago.

YOY, receipts +13% to a record $260.6B, while outlays+6% to $222.4B. Through 4 months fiscal 07, the deficit is $42.2B vs $98.4B in the same period last year.

Total 07 deficit estimated at $200B, and remember they aren't counting Social Security, Medicare, and other obligations.

Trade Deficit Dec +5.3% to -$61.2B vs prior -$58.1B
Full Report

Inside the number: For 2006, a record U.S. trade deficit $763.6 B, up 6.5% from 2005.

As a percentage of GDP, the deficit held steady at 5.8% of GDP in 2006, compared with 2005.

Exports rose faster than imports in 2006, the first time this has happened since 1997.

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