buy the dip for a year end rip

basically the damage behind closed doors has been huge for L/S managers. gross exposure down 17% the past couple months. Only 5 times has gross leverage among HF's come down over 15% the last 10 years, each time was a buy signal for risk on assets (NDX). The pain trade for L/S managers is a year end rally while they are under exposed and playing catch up to save face on the year. Long