September 2008

The dismal numbers say it all: even deep "employee" discounts and other programs aren't enticing strapped consumers to buy cars. While all the automakers had a painful August, the sales declines for General Motors (GM) and Ford (F) were mind-blowing.   GM sales dropped 20%, while Ford posted a staggering 27.6% haircut.   Ford truck sales dropped 39%, while SUV sales collapsed 53% from ... read more

Since oil broke its highs this summer there has been a huge sell in the oil/commodity/dollar complex.    Regardless of whether the egg (oil) or the chicken (dollar) came first and caused the decline, it's happened.  Below is the Reuters CRB commodity index (CRB).   You can see the selling pressure clearly, and billions of dollars have been taken off that trade. OIl is down ... read more

F. Scott Fitzgerald got it wrong when he said "there are no second acts in American lives."    Boone Pickens proves that. Most know Pickens as a rich oilman and former corporate raider.    That's only half right.  Having interviewed Boone many times, I have gotten to know the man behind the money and the now-ubiquitous "Pickens Plan" ads for his wind/natural gas program.   There is ... read more

Microsoft's turf battle was just hit on another flank. After much speculation, Google has announced it is launching its own web browser, called Chrome.    It will be available for download tomorrow (Tuesday the 2nd) in 100 countries. With this strike, Google goes after another Microsoft staple.   It has already launched Google Docs, basic word processing and spreadsheet programs meant ... read more

With the worst of the actual storm apparently behind us, the focus solely turns to the levee systems and a potential "overtopping" of water or complete breach. Right now (2:15pm ET) the levees appear to be doing their job and holding back a fierce flow of water.   There is some overtopping being reported but thankfully no known total breaches of an already battered levee system. The ... read more

Some good news.  Gustav is downgraded to a Category 2 storm.   Oil is tumbling as the dollar strengthens and traders sell their long positions.   The issue now is that Gustav is moving west, straight toward eastern Texas.    This makes the new concern gasoline refining. Four of the biggest 15 gasoline refineries in America are in the western Louisiana / eastern Texas area.   ... read more

We are live all day on Fox Business... and I'll update as I am able. Oil is lower at 8 a.m. on this Monday, despite the storm (which is expected to hit in a few hours).   The reason is likely the dollar's recent strength.   Remember that the Gulf of Mexico produces about 1.3 million barrels a day of oil, or about 25% of U.S. oil production.   So the U.S. is producing around five million ... read more