Market Celebrates Just Announced Record Foodstamp Usage By Closing At 2010 Highs
For those seeking a perfect explanation of what is happening in United Banana States of America right now, then look no further: the just released September Supplemental Nutrition Assistance program data is out and we are happy to report that the number of poor Americans has never been higher - SNAP recipients just hit a fresh all time high of 42.9 million. Naturally, the market celebrates the record number of poor Americans by closing at 2010 highs. No long-winded, somnolent essays, no rants, just observations. These two facts explain everything that is happening in this unrecognizable banana republic. Now that is a five year banana plan you can believe in.
sbenard on Fri, 12/03/2010 - 16:58:
Crude -- new 2010 high price and closing high. Cotton was limit UP today -- for the FOURTH day in a row! Virtually all the ag commodities were higher on the same day! I follow about 20 of them. Grains -- ALL higher! Softs -- ALL higher! Cattle and hogs -- HIGHER! Even milk and butter futures were higher! I didn't see a single liquid ag futures contract that wasn't higher.That latte will cost you more -- SOON! So will baby diapers (CORN starch).
The NYBOT Continuous Commodity Index hit a new weekly closing high. At this rate, it will likely hit a new daily closing high on Monday.