What the holiday in the Hamptons says about Wall St.

It's all sunny in the Hamptons ... for now

It's summertime and the living, at least in the Hamptons, is looking pretty easy.

As Wall Streeters make the rough trek from lower Manhattan and points elsewhere to the brutally clogged Route 27, occupancy rates for the best hotels are near 100 percent, there are only limited reservations available at the swankiest restaurants and the real estate market is hopping—if, of course, that is you are in the $15 million to $100 million market.

Heading into the Fourth of July weekend, all is looking good for the upper crust of the upper crust. It's an indication that things have indeed returned to relative normal these five years or so after the crisis that wrecked the U.S. financial system.

"The Hamptons are, in fact, the most perfect litmus test of New York/Wall Street financial confidence available," said Nicholas Colas, chief market strategist at New York-based brokerage ConvergEx. "On the surface, the upcoming July 4th weekend in the Hamptons has all the earmarks of a very confident New York/Wall Street community (as) we trot into the back half of 2014."

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