Thursday, May 23, 2013

Only In New York: What Hamptons Rentals Tell You About the Stock Market

From CNBC: The Hamptons might be more than a summer playground for the rich and famous. It might also be your best clue about what the stock market will do over the next few months.

According to Nicholas Colas, ConvergEx's chief market strategist, a "white-hot" market for Hamptons summer rentals tells us that New York hedge fund managers are feeling confident about the market, and don't expect to see much happen this summer.

"There are some 70 listings in the [$500,000] to $900,000 range for the traditional Memorial Day to Labor Day period in the better parts of the East End," Colas wrote in a Wednesday morning note. "Think a lot of hedgies are anticipating a volatile summer while paying those prices to 'Chill Out East'? Probably not...."

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