Net short positions against the S&P 500 futures by hedge funds have reached a record $107 billion this week, according to calculations by Greg Boutle, head of U.S. equity and derivatives strategy at BNP Paribas. The bearish bets accumulated as the S. 500 rallied for four straight weeks, bouncing more than 17% off its 52-week low from June 16. Economic data pointing to easing price pressures firmed the belief that the Federal Reserve is getting inflation under control.’As powerful as the market rally has been, it is being viewed with substantial skepticism,’ said Nationwide’s chief of investment research. Some hedge funds forced to cover their short bets as stocks continued to go higher, further fueling the rally in the near term. . . .