I have spent the entire morning digging out and am only about 50% done. While the news reports try to sensationalize every snow fall as the storm of the century, this one is really bad. That means that those traders that are not on vacation will have a difficult time getting to their desks. Liquidity will be thin.
I believe the best way to take advantage of this illiquid market is to be a liquidity provider. If an individual stock one owns seems to be up a lot for no reason, paring back the position with an eye on rebuilding it on a dip is a viable strategy. By the same token buying a stock that is having an outsized move lower for no apparent reason is also a good strategy as long as one would not mind owning the stock. Under and over reactions to news are other ways to try and take advantage of the situation.