From CNBC: The
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'?
Wait...wait...there's more at http://www.cnbc.com/id/100758925