I finally heard from my research man in New York. There is no power in midtown Manhattan, and life is pretty boring living by candlelight on the 35th floor of a building with no elevator. So he stopped at a KFC long enough to charge a cell phone battery and call me to tell me he was trudging the five miles over the Brooklyn Bridge to the Emerald City of Brooklyn. He carried his worldly possessions in a backpack, an iMac, iPad, iPhone, iPod, with a clean shirt and underwear. There, he will crash on a friend’s floor as the homeless refugee that he is and get back on the job. It all sounds like a scene from an Armageddon movie.
The New York Stock Exchange says they will open Wednesday morning. It will be a Herculean task, as nobody can get to work with the subway system out for another week and many trunk fiber optic cables passing through underwater tunnels. Can you imagine how many drowned rats are in there?
But with the October month end book closing, an options expiration, and yearend book closings for many mutual funds, the pressure is on. Good luck to them. If there is any consolation to all of this, the high-frequency mainframes are probably offline as well, so we might actually get a real market.