Record Number Of Foodstamp Recipients And Near Record Low Volume - Market Melt Up Guaranteed

by Tyler Durden

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First, just in case you were wondering, today's melt up episode #xyz is being orchestrated by the HFTs on no volume as per the norm. There is no volume period. The volume only appears when the Dow is down 1000 points. At that point everyone tries to front run everyone else as we saw last Thursday. It happened then, it will happen again. In the meantime nothing will change, except the launching station for the 30% drop straight down will be marginally higher (one would hope).

And as for the fundamentals justifying the market going right back up to 2010 highs: here you go - "Agriculture Department said 39.68 million people, or 1 in 8 Americans, were enrolled for food stamps during February, an increase of 260,000 from January. USDA updated its figures on Wednesday."
From Reuters:

Nearly 40 million Americans received food stamps -- the latest in an ever-higher string of record enrollment that dates from December 2008 and the U.S. recession, according to a government update.

Food stamps are the primary federal anti-hunger program, helping poor people buy food. Enrollment is highest during times of economic distress. The jobless rate was 9.9 percent, the government said on Friday.

"This is the highest share of the U.S. population on SNAP/food stamps," said the anti-hunger group Food Research and Action Center, using the new name for food stamps, Supplemental Nutrition Assistance Program (SNAP). "Research suggests that one in three eligible people are not receiving ... benefits."
Enrollment has set a record each month since reaching 31.78 million in December 2008. USDA estimates enrollment will average 40.5 million people this fiscal year, which ends Sept 30, at a cost of up to $59 billion. For fiscal 2011, average enrollment is forecast for 43.3 million people.

We expect this number to hit 50 million before the year is out. But at least all those food stamp recipients still get their basic cable, so they can ignore the US-funded bailout of bankers, not only in the US (that was so 2009) but all over the world now.