Ike's eye was forecast to strike somewhere near Galveston late Friday or early Saturday then head inland for Houston, but the sprawling weather system nearly as big as Texas was already buffeting the Gulf Coast and causing flooding in areas still recovering from Labor Day's Hurricane Gustav.
Because of its ominous size, storm surge and flooding were the greatest threats. Should a wall of water come through the shipping channel it could cause $100 billion in damage, explains CNBC’s Scott Cohn on “Fast Money.” If the forecast holds true it could be catastrophic. Certainly, we’d be looking at some serious insurance losses.
Despite the potential for disruptions, I still think the only trade in oil is reformulated gasoline, says Joe Terranova. (More often than not storms pass through without doing serious damage)
APPLE HITS 5-MONTH LOW
Apple suffered a down week even after it announced a new range of iPod products.
At Apple’s conference, Steve Jobs looked a little thin and that had investors worried about his health. (He’s a cancer survivor.)
It might be tasteless, but his health matters, says Jeff Macke. Apple is all about Steve Jobs.
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Trader disclosure: On Sept 12, 2008, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Macke Owns (WMT), (MSFT), (UUP); Macke Is Short (TM); Seymour Owns (AAPL), (F), (GM), (MER), (SHLD), (TSO); Seygem Asset Management Owns (EEM); Najarian Owns (AAPL) And (AAPL) Collar; Najarian Owns (GE) Put Spread; Najarian Owns (HOLX) Calls; Najarian Owns (MS) And Is Short (MS) Calls; Najarian Owns (NOK) And Is Short (NOK) Calls; Najarian Owns (RIMM) Call Spread; Najarian Owns (TSO) Call Spread; Najarian Owns (XLF) And (XLF) Collar; Terranova Owns (AAPL),(RIMM), (GS), (VLO), (SA), (YHOO), (NOV), (POT), (EOG), (FCX), (X); Terranova Owns (AIG) Puts And Owns (AIG)
Terranova Is Chief Alternatives Strategist Of Phoenix Investment Partners, Ltd.; Phoenix Investment Partners Owns More Than 1% Of (ABD), (ARE), (BIG), (BRE), (CNTY), (CNW), (CLB), (OFC), (DLM), (DRH), (DLR), (EPR), (ESS), (EXR), (AGM), (FL), (GBL), (GNET), (IGE), (LNET), (MAC), (OIIM), (PSPT), (DBC), (DBV), (SLB), (GWX), (SSYS), (SKT), (UA), (BIV), (VV), (BLV); Phoenix Investment Partners Owns More Than 1% Of Goldman Sachs Financial Square Fund - Money Market Fund; Phoenix Investment Partners Owns More Than 1% Of Seagate Technology Tax Refund Rights
Terranova Is Co-Portfolio Manager Of The Phoenix Diversifier PHOLIO; Phoenix Diversifier PHOLIO Owns (IGE), (DBC), (DBV)
GE Is The Parent Company Of CNBC