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Hurricane Sandy the Freaky Frankenstorm...
Interesting developments to come - See what made the cut...

Hurricane Sandy the Freaky Frankenstorm Barrels Toward New York Financial Hub...
No doubt that the wrath of Sandy will be front and center attention on everyone's mind into the beginning of the week, especially the worlds hub of financial centers, Wall Street. The storm slammed Jamaica and the Caribbeans, where it left 21 dead due to the storm, before heading up the coast of Florida where it packed a punch of strong winds and rain as it makes its path toward New England. By Friday night, travelers were feeling the domino affects of cancelled and delayed flights. Travelers should check with their airlines for flight status, check carrier’s websites and sign up for alerts for real-time updates for flight changes. Some of the nations most densely populated cities including Baltimore, Philadelphia, New York, and Boston are on high alert. Wall Street has put into place operational contingency plans, ahead of the storms arrival. Rich Adamonis, a spokesman for the New York Stock Exchange (NYSE: NYX) , said contingency plans are being drawn up. Spokesperson for Nasdaq OMX Group Inc. (NASDAQ: NDAQ) said Friday the electronic equities exchange plans to continue to operate despite the approach of Hurricane Sandy early next week. “We have fully rehearsed business continuity plans for all critical operations including facilities, market operations and key staff and stand ready to implement should a situation necessitate,” said Nasdaq spokesman Ryan Wells.

“We will continue to monitor the situation and will notify customers, market participants and our employees as appropriate,” emailed Damon Leavell, a spokesperson for the CME Group (NASDAQ:CME) , which owns the NYME, where crude-oil futures and other commodities are traded. “We have no immediate plans to close the exchange,” said Leavell, who added that the CME’s Globex platform, the exchange’s electronic trading system, is based in the Midwest, with backup systems scattered in varying locations.
The Metropolitan Transportation Authority cancelled weekend subway work due to the storm and laid out additional contingency plans. The MTA will shut down service before the arrival of sustained winds of 39 miles per hour or higher. “No decision has been made whether to suspend some or all service in advance of the storm, but ample notice will be provided,” according to a statement from the MTA.

Reports are that New York Mayor Michael Bloomberg said the Big Apple has activated its Office of Emergency Management situation room. Maryland and Virginia have both declared states of emergency. Virginia Gov. Bob McDonnell’s office said in a statement on Friday, “Based on our current forecasts, the eastern third of Virginia could experience tropical storm force winds for more than 48 hours, several inches of rain and coastal flooding.” Inland areas of Virginia could see strong winds and significant rainfall, with strong likelihood of extensive power outages, it said.

North Carolina state emergency management office said on its Facebook page on Friday that it expects coastal flooding from Saturday night into Monday, with expected storm surges of 1 to 5 feet. Rainfall along the coast is anticipated to be 4 to 6 inches, with up to 8 inches in some areas.

Sandy is expected to make landfall between Washington and Boston before Monday. According to meteorologists, Sandy could mushroom into a colossal “Frankenstorm” if it mixes with a cold front moving eastward from the Midwest. Even if Hurricane Sandy weakens as it moves north or moves farther out to sea, it could still collide with cooler air and transform or feed into a Nor’easter.

“With the angle that it’s coming in, it’ll just pile up water right up against the shoreline,” said Henry Margusity, senior meteorologist with AccuWeather. “We’re still trying to assess the surge of water from the storm. There could be flooding up the Hudson River all the way to New York City.” While the standard hurricane power is centered near the eye, 'Frankenstorm' Sandy damage could be generated from the outer edges. The path and strength of the storm is expected to stretch as fas as New England, Margusity said. Under a worst-case scenario, New York could face the most intense storm in its history. “There will be school closures, travel will be messed up for days and major airports will be closed,” Margusity said. “This could be a disaster of biblical proportions — a multi-billion-dollar disaster.” Winds in the storm’s outlying areas are expected to gust as high as 80 miles per hour, he said.

Here near Daytona Beach, walking on the deserted beach with sustained winds of 30+ mph and heavier gusts, was a line off of someone's bucket list. One of those crazy things you do once, think of how crazy it is while doing it as you buck the wind and flying sea foam, and realize one is not prepared to do this again, any time soon.


Volcker Rule, SEC and Banking Regulators Proposal...
“There are a lot of issues to work through,” Schapiro said in response to concerns raised that regulators are divided about how to proceed. “The relationship has never been stronger between the capital markets regulators and the banking regulators.”

Although the SEC and four other regulators face differences of opinions as they work on the Volker Rule proposal - their focus is to complete the effort after regulators introduced a 300-page proposal in October 2011. Critics of the Volker Rule argued repeatedly since its proposal that regulators will have a difficult time differentiating between legitimate market-making actions and prohibited profit-making speculative transactions. Major banks that would be impacted include Goldman Sachs Group Inc. (NYSE: GS) and Morgan Stanley (NYSE: MS) because a large chunk of their revenues come from trading.


Upcoming Earnings on Tap and November...
The new week on Wall Street brings to a close the month of October and the street welcomes the start of November as we head toward countdown for the final days ahead of the Presidential Election.

We're moving forward to a packed week of numerous S&P 500 company earnings into the upcoming trading week including PG&E Corp (PCG) on Monday; Tuesday we'll see earnings released from: Ford Motor Co (F) and United States Steel Corp (X); Wednesday First Solar Inc (FSLR), MasterCard Inc (MA), Time Warner Cable Inc (TWC) and Visa Inc (V); Thursday November 1: American International Group Inc (AIG), Exxon Mobil Corp (XOM), Kellogg Co (K) and Starbucks Corp (SBUX); Friday brings earnings reports from Chevron Corp (CVX) and the Washington Post Co (WPO).


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