I'm not just alluding to the across-the-board decline in sales for General Motors (20.3 percent), Ford (26.5 percent), and Chrysler (34.5 percent) in the U.S. in August -- and in fact, count in Honda (down 7.3 percent) and Toyota (9.4 percent).

What also raised a red flag in my head was the Chinese auto market's performance. According to portal site Sina.com, China's National Passenger Vehicle Information Exchange Association pointed out that August is the first month of the year when car sales in China fell compared to a year ago. Year-ago comparisons are the usual measure of success or failure. But industry insiders argue that the Olympics pretty much froze auto sales in Beijing.

The China Automotive Industry Association hasn't announced official data for August sales yet. But it noted that passenger car sales dropped on a month-to-month comparison basis for five consecutive months from March through July. That's a record in Chinese auto history, according to the China Securities News.

The Shanghai auto industry saw its "production value" decline 18 percent in July, and "dragged [down] the overall industry output growth in Shanghai by 2.4 percent," the municipal government commented with disappointment.

Analysts at CBI (Shanghai) Ltd. said auto suppliers are bound to face a domino effect. Resin markets are expected to reflect the changes as well.