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It is definitely worth heading out for! It is by far the best view of the show and is a great time if the waves cooperate.
The rules are that you can not anchor in front of the temporary buoy's set by the coast guard stretching from Belmont harbor all the way down to Monroe. It typically is about a 1/2 mile from the shore and is very evident to see. If by chance you are in the wrong area, don't worry the coast guard will quickly let you know.
The only other words of advice are make sure you let out enough anchor line 7 to 1, example (140 feet of line for 20 feet of water)especially important in bigger waves. Lastly, make sure you don't get too close to other boats while anchored.
I have been part of someone pretty interesting situations with inexperienced boaters.
Oh, the best day is Friday for the practice, not as crowded.
Dante
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