Epic Storm

Prayers for all out in the NE!

Not often seen~Grand Central Station, NYC, empty.



30 foot waves off shore of Ma. with high tides coming later.  Already coastal flooding, worse where seawalls have been damaged along southern coastal regions.  We have 2-3 ft. of blowing snow, still falling.  Travel ban still in effect .  I haven't heard any power outage figures.  We're good here at 15 miles inland and south of Boston.

edit: 90% no power in Provincetown, but that's to be expected, along with the Vineyard, Nantucket, Situate.

Over Rated!

Check this out, using the storm to cover the "Market" to plunge.

http://www.blacklistednews.com/NYSE_Invokes_Rule_48_To_Pre-Empt_Selling_Panic/41267/0/38/38/Y/M.html

NYSE Invokes Rule 48 To Pre-Empt Selling Panic
Published: January 27, 2015
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Source: Zero Hedge

The status quo must be maintained...

• *NYSE SAYS RULE 48 INVOKED FOR MARKET OPEN
  
• *NYSE SAYS MANDATORY OPENING INDICATIONS ARE NOT REQUIRED
  

And what better excuse to stall the opening plunge implied by futures than the "blizzard" which never was... The last time this was invoked was June 2012 (amid a dramatic drop in pre-open futures) and Sept 2011 amid the chaotic 400-point swings in The Dow. Funny they do not use this "Rule" when futures indicate massive upside opens?
Via NYSE:
Rule 48. Exemptive Relief — Extreme Market Volatility Condition
(a) In the event that extremely high market volatility is likely to have a Floor-wide impact on the ability of DMMs to arrange for the fair and orderly opening, reopening following a market-wide halt of trading at the Exchange, or closing of trading at the Exchange and that absent relief, the operation of the Exchange is likely to be impaired, a qualified Exchange officer may declare an extreme market volatility condition with respect to trading on or through the facilities of the Exchange.
(b) In the event that an extreme market volatility condition is declared with respect to trading on or through the facilities of the Exchange, a qualified Exchange officer shall be empowered to temporarily suspend at the opening of trading or reopening of trading following a market-wide trading halt: (i) the need for prior Floor Official or prior NYSE Floor operations approval to open or reopen a security at the Exchange (Rules 123D(1) and 79A.30); and/or (ii) applicable requirements to make pre-opening indications in a security (Rules 15 and 123D(1)).
(c) A suspension under section (b) of this Rule is subject to the following provisions:
(1) (A) Before declaring an extreme market volatility condition, the qualified Exchange officer shall consider the facts and circumstances that are likely to have Floor-wide impact for a particular trading session, including volatility in the previous day's trading session, trading in foreign markets before the open, substantial activity in the futures market before the open, the volume of pre-opening indications of interest, evidence of pre-opening significant order imbalances across the market, government announcements, news and corporate events, and such other market conditions that could impact Floor-wide trading conditions.
(B) Such review shall be undertaken in consultation with relevant officers of NYSE Market and NYSE Regulation, as appropriate. Following the review, the qualified Exchange officer or his or her designee shall document the basis for declaring an extreme market volatility condition.
(2) The qualified Exchange officer will, as promptly as practicable in the circumstances, inform the Securities and Exchange Commission staff that an extreme market volatility condition has been declared, the basis for such declaration, and what relief has been granted.
(3) An extreme market volatility condition may only be declared before the scheduled opening or reopening following a market-wide halt of securities at the Exchange.
(4) A declaration of an extreme market volatility condition shall be in effect only for the particular opening or reopening for the trading session on the particular day that the extreme market volatility condition is determined to exist. The Exchange may declare a separate extreme market volatility condition on subsequent days subject to sections (b)(1) through (b)(3) above.
(5) A declaration of extreme market volatility shall not relieve DMMs from the obligation to make pre-opening indications in situations where the opening of a security is delayed for reasons unrelated to the extreme market volatility condition.
(d) For purposes of this Rule, a "qualified Exchange officer" means the Chief Executive Officer of ICE, or his or her designee, or the Chief Executive Officer of NYSE Regulation, Inc., or his or her designee.
*  *  *
As WSJ explains, basically it means the designated market makers “will not have to disseminate price indications before the bell, making it easier and faster to open stocks.

The rule was approved by the Securities and Exchange Commission on Dec. 6, 2007 and has been used rarely since then. 

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Glad to hear you are ok Dove. But, 30 foot waves and 2-3 feet of snow! Take care out there.

Thanks much!  Truthfully the guberment travel bans are a very good thing for protecting life, limb and
property.  And some in Scituate were angry the town shut down power to the beach houses, but it
prevents fires and rescues that the crews can't get to. 
You'd think we had learned from experience or something.   
(as a veteran of the blizzard of '78 and the 'perfect storm'.)

Okay, maybe not overated BUT see these:

https://watchermeet-up.forumotion.com/t11125-ny-closure-conditioning-like-boston-marathon

http://www.stevequayle.com/index.php?s=33&d=1304
FROM MY FRIEND JOHN S.-WAS THE 'SNORE EASTER' A GIANT PSYCHOLOGICAL OPERATION FOR COMPLETE SHUT DOWN OF NEW YORK CITY TRIAL RUN
I mentioned yesterday it might be gigantic Pys Ops. Hmm
All transportation ordered halted. Stay home or fined $500.
All public transportation closed.
All business closed
Panic buying
Obey all authority
Don’t question or refuse Gov.
Basically martial law in name of safety.
Total compliance.
Threat created by media and gov spokes people.
John-------SQ NOTE -SEE GEALD CELENTE ARTICLE UNDER MY HOT HEADLINES!