Morning Rage 2.29.2012

Another important note, Israeli officials stated today, “They will not warn the US before attacking Iran.” Is that the reason why Crude just caught a bid trading at the $107 level. Furthermore, keep an eye out for Bernanke’s (semi-annual testimony) speech. Should be interesting! Also, Sweden and India reports Q4 GDP numbers. Lastly, the 2nd round of LTRO program just took place and the EUR/USD is currently trading near its session lows at $1.343. Fed QE Spending injections are causing investors to want to own hard assets like Silver and Gold. Silver suprasses the $37 mark as central banks are covering their short positions. Gold is trading at a key resistance $1780 level and continues to be the best inflation hedge for those fearing an inflationary environment,

Wednesdays before the bell earnings:
Costco – Reported earnings and revenue numbers that topped wall street expectations. Earned $.90 a share vs $.79 per share estimates. Revenue reported was $23B or up 10%. 52 week range ($69.5-$88.68). Costco CC is expected to take place sometime around the opening bell today.
Joy-Joy Global should meet or beat profits and sales expectations mainly because it is expanding into China’s International Mining Business. Analysts expect Joy to report $1.35 a share, up from $.96 a year ago. Revenue estimates are $1.15B for the quarter and year end revenue of $5.5B.

Liz Claiborne- Quarterly Earnings and estimates Q4E of $.10 Quarterly Revenue Q4E $477M. As of January 31st, there was a significant short float of 30%. In my opinion, any good news regarding earnings could send the shorts running and the stock flying.

By Greg Zimny