To the vast majority of the movie going world The Great Gatsby is a fantasized glimpse of a bygone era seen through the lens of a star-struck protagonist. The opulence is overwhelming and serves only as a metaphor of nation's corrupt dreams.

To hedge fund managers operating in a bull market the movie just looks like summer in the Hamptons. Nick Colas of ConvergEx Group says the steep price hedgies are willing to pay for the right to gaze wistfully at the green light is flashing a red light for investors.

Colas says the cost of renting a house in the Hamptons is an indicator, not just of how well New York is doing financially, but also how the big money ballers are going to spend their summer. Spoiler alert! It's going to be lonely in the canyons of Wall Street.

"Let's face it, a lot of hedge fund managers are the guys who rent these houses," Colas explains. "If they're spending...$600,000 or more to rent them, where are they going to be this summer? At their desks churning the market or out in the Hamptons trying to relax a little bit?"

Hedge funds famously underperform the broader market but this year a 10% gain has almost been a lay-up. If you're running a billion dollars and still getting away with taking 20% of the upside that's $20 million of income, a pretty good year by most measures.

The problem with having a "buy the dip" strategy is that sell-offs are the scariest time to put money into stocks. People sitting on the sidelines have spent nearly 6 months telling themselves they were going to get long as soon as they got a meaningful pullback. Now that the most serious drop of 2013 is upon us the question is whether or not it's a good idea to be getting long when China is contracting, the Fed might taper, and stocks are still arguably way overbought.

Todd Schoenberger, managing partner at LandColt Capital, mocks the idea of taking profits and hitting the beach. "No Way! Are you kidding me?" he shouts in the attached clip. "If the markets go down 2 to 5% it's a great entry point for your viewers to get back into the market. Dow 16,000 by the end of the year."

The Dow Jones Industrial Average (^DJI) topped just over 15,530 on Wednesday morning. For those not carrying a slide rule at the moment, a 5% correction would put the Dow at 14,750, give or take. From there a recovery to 16,000 would be a gain of 8%. That's just the arithmetic, not a trading thesis.

Schoenberger's idea on the sectors that will do well into a pullback and during a subsequent recovery are oil and gas, travel and leisure, and almost anything multinational. As he sees it the DC ineptitude and geopolitical risk are priced into the tape.