We have to wait until the big-volume down days end and we start getting some upside progress on heavy accumulation.

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This heavy put accumulation could end up translating into options-related support down the road.

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"(Many of) the big cities aren't seeing snow accumulation, they're seeing very heavy rain with the wind, " she said.

CNN: Storms snarl traffic, batter Midwest and Northeast

"Accumulation is expected to be swift, heavy, and dangerous, " warned Massachusetts Gov. Deval Patrick, urging nonemergency drivers to be off the roads by noon Friday.

WSJ: Northeast Braces for Major Blizzard