This morning, the Commerce Department released fresh economic data to Wall Street showing that consumer spending and incomes in the US flattened in June. But while those in the middle class had a stale month financially, the uber-class is still rocking and rolling.

Here are three more signs our Two-Class America theme continues to unfold  in the US …

3) Mercedes-Benz is Selling a Record Number of Cars this Year

Apparently, more people than just Lorenzo are rolling in a brand-new Benzo. In the first six months of this year, Mercedes-Benz has delivered 25% more new vehicles in the US than the first six months of last year. This huge uptick in sales has been driven by an increasing lust for the premium carmaker’s most expensive models. And this lust is strong. Mercedes head of sales and marketing, Joachim Schmidt, said, “We are also in an excellent position to do well in the months ahead and plan to continue Mercedes-Benz’ success with a significant increase in the third quarter.” Doesn’t sound like Mercedes is as depressed as many economists.

2) Starbucks is Selling More Grande Frappouccinos to the Irrationally Exuberant

When you have disposable income (or no idea how to budget), a $5 coffee seems sane. Enter the antithesis of McDonald’s (NYSE: MCD) –Starbucks (NYSE: SBUX) — and their mission to get customers who want to spend bucks like the stars. Last quarter, the luxury java peddler increased revenues 9% and CEO Howard Schultz said the brand’s acolytes are piling back into stores. If the entire country was worried about bread lines or food stamps, millions more people surely wouldn’t be paying 2-10 times more money for something they could get at Dunkin Donuts or brew at home. But when you are part of the 80% of the population with a job, you can make it back tomorrow.

1) Consumers are Back Showcasing Uber-Status Symbols like Moet Hennessy-Louis Vuitton

When people do silly things like the lady above, they have lots of extra money. In this case, global fashion powerhouse Moet Hennessy-Louis Vuitton (LVMH) is back selling mind-numbingly expensive bags for everything from luxury safaris to a simple fueling at Starbucks. Sales of LVMH brands in the US were “strong” across flaunt-it-like-you’ve-got-it brands such as Luis Vuitton, Don Perignon, Fendi, Christian Dior, and Givenchy. In contrast with how the middle and under classes are spending, it’s safe to say the uber-class is still rocking and rolling.

Earnings: Q3 profits of $.27 vs. $.29 consensus and $.20 in Q3 last year. Profits jumped 35% Year-over-Year.

Revenue: Increased 9% Year-over-Year at $2.61 Billion vs. $2.55 Billion consensus, breezing by expectations.

Howard Schultz, Starbucks (SBUX) Chairman, President and CEO, said, “”I’m particularly pleased to report significant Q3 increases in store traffic…”

Comment: Shares of Starbucks (NYSE: SBUX) are trading down over 2% following the company’s earnings release after-the-bell, trading at $24.55 per share, compared to today’s closing price of $25.17 per share.

As you can see above, Starbucks (SBUX) is trading between its 50-day and 200-day moving price averages, very indicative of a common trading zone in the current economic environment. SBUX proved to be picking up steam for comparable same stores sales with a 9% uptick and is seeing optimism for its distributed beverage line (i.e. mini double-shot espresso cans and other flavored drinks). Picking up shares of SBUX during the recession proved smart for any savvy investor as the stock has doubled in over a year’s time. Starbucks is planning to undergo an investment period of capital expenditures once again to kickstart future growth. Today, investors and traders were unhappy with the tighter outlook SBUX executives offered for the remainder of the year. However, if SBUX can continue to deliver on their new product mix and the success of their breakfast offering, you may want to consider SBUX shares on pullbacks as a way to ride a potentially positive earnings surprise down the road. In the meantime, grab an iced beverage as the summer continues to heat up…

For more detailed information on the Starbucks earnings release, visit here.

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Disclosure: No holdings in SBUX, but adding a shot of espresso to finish out the day…

Like the Lakers’ buzzer beater win to take the lead on Phoenix in this year 2010 NBA Playoffs, the markets continue to surprise investors and traders throughout the month of May.

Similarly to the last second turnarounds from loser to winner of a crucial NBA Playoff game, Guess? Inc. (NYSE: GES) issued their earnings report yesterday with just as mixed a signal as the pre-market futures this morning.

The fashionable apparel retailer delivered profit of $50.3 million, or $.54 cents per share, compared with earnings of $32.5 million, or $.35 cents a share, in the same period a year ago.

Revenue rose 22% to $539.3 million, up from 2009′s first-quarter sales of $441.20 million.

The Cheat Sheet: Guess? reported 1st quarter earnings that beat consensus analyst estimates, however forecast 2nd quarter guidance missed consensus analyst expectations. Guess? reduced its full-year earnings per share estimate to a range of $2.80 to $2.85 per share, down from a previous forecast of between $2.87 and $2.95 per share. The stock is trading flat-to-up this morning, yet another sign of the mixed confidence in the retail recovery.

Disclosure: No positions in the companies mentioned.

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Jim Rogers

Jim Rogers is one of the most respected investors in the world. I had a chance to chat with him the other morning to get more details about some of his recent comments in the media …

Damien Hoffman: Jim, you were in the media a few times last week and I want to follow up on a few points you made. You said on Bloomberg that Nouriel Roubini did not do his homework regarding the asset bubbles about which he is now warning. Can you explain what homework he did not do?

Jim: All of it. How can you talk about a bubble when assets such as silver are 70% below their all-time high? Same for coffee, sugar, cotton, natural gas, and many more. I have a problem talking about a bubble when assets are this depressed from their all-time highs.

A bubble is when assets are screaming to new highs everyday, everyone is talking about them, and everyone owns them. Right now, virtually no one owns commodities. So for Mr. Roubini to talk about a bubble in commodities defies comprehension. It proves he does not understand markets.

I am flabbergasted at Mr. Roubini’s comment about bubbles because there is not a single market in the world making all-time highs except Gold, US Government Bonds, Cocoa, and the Sri Lankan stock market. That’s hardly reason to call for a bubble. So, I am most perplexed about this alleged bubble which is out there.

If an asset rises 100% in one year, that’s a great year, but not necessarily a bubble. Look at oil. It’s up huge off the bottom but nowhere near it’s old highs. Look at Citigroup. The stock is up 3 or so times off the bottom …

Damien: … and I doubt long term shareholders feel like they are in a bubble.

Jim: Exactly. And since Mr. Roubini thought oil would stay below $40 a barrel for all of 2009, I would love for him to tell me and the rest of the world exactly where are all the oil supplies because the International Energy Agency (IEA) — which has the best global data set on energy supplies — has no idea where is the oil. Mr. Roubini should tell us where this price suppressing oil supply is hidden. All the oil possessing countries in the world have declining reserves. All the oil companies have declining reserves. So Mr. Roubini must know something the rest of us don’t.

Damien: On another note, Gold has been reaching new all-time highs, although not inflation adjusted. You said Gold may reach $2,000 an ounce over the next decade. Can you explain what variables will push Gold to $2,000?

Jim: First, I hope you will keep Mr. Roubini’s statement where he said Gold going to $2,000 an ounce by 2019 is “utter nonsense.” I think you’re going to get a chance to call him before 2019 to ask him what he thinks of Gold at $2,000 and why he thought it was “utter nonsense.”

Regarding variables, it’s very clear there is huge suspicion about paper money around the world. This suspicion is gathering steam. Governments are printing huge amounts of money. This has always led to higher prices. Maybe I am wrong and it’s different this time. But I doubt it.

Additionally, no new large gold mines have been opened in decades. Some of those mines are over 100-years old. They are all depleting. On the other hand, central banks have huge Gold reserves above ground — and they are less interested in selling than in the past.

If you adjust Gold for inflation and go back to it’s former all-time high in 1980, Gold should be over $2,000 an ounce right now if you want to say it’s reaching new inflation adjusted all-time highs. That does not mean Gold has to get back to a true all-time high. Nothing has to. However, I suspect that given all the money printing in the world, we will see much higher prices for hard assets.

Despite Gold’s potential, I think I will make more money in other commodities such as silver, cotton, or coffee — all of which are terribly depressed.

Damien: Speaking of other assets, as an outsider living abroad, what is your opinion on US Equities?

Jim: This is one of the few times in my life I have not had shorts anywhere in the world. I have also not had a lot of longs in the stock market because I’ve chosen longs in commodities and currencies. I have kept away from shorts because there is a gigantic amount of money being printed and it has to go somewhere. I thought some of it would end up in the stock market, and it has.

How much higher can the equity markets go? I don’t know. There are a lot of problems in the economy, but I don’t know when those problems will cause a downdraft in the stock market. All we’ve done is paper over the problem, so I expect we’ll have to deal with those issues in the future. Printing and spending money we don’t have simply prolongs the problems and makes them worse in the long run.

If the world economy improves, commodities will lead the way due to demand and shortages. If the world economy does not get better, commodities are still a great place to be because governments are printing so much money. And, if the world economy doesn’t get better, they will print even more money!

Damien: Jim, thank you for taking the time to share your outlook and opinions. I greatly appreciate it.

Jim: You are very welcome. Your site is very impressive. I look forward to staying in touch.