Investors betting record amounts against stocks

Traders work on the floor of the New York Stock Exchange.
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The amount of money being bet against the U.S. stock market is near record levels, Goldman Sachs told clients on Tuesday.

And that actually may be a good thing.

"Extreme readings of investor positioning are contrarian indicators of forward S&P 500 returns," wrote David Kostin, Goldman Sachs' equity strategist. "Very low net positioning tends to be followed by positive equity returns."

Institutional investors have grown increasingly bearish on stocks, adding net short positions across futures for seven consecutive weeks, the first such streak since CFTC data was first made available in 2006, according to Goldman.