You heard right. Goldman Sachs was wrong and they admitted it. It takes a big investment bank to go back on a call concerning their own sector.

Goldman Sachs did a complete 180 and urged investors to "underweight" U.S. financial and consumer shares after upgrading them less than two months ago admitting they were wrong.

The downgrades caused the market to sell-off the two sectors. Since the upgrade in May by Goldman Sachs, financial stocks have fallen 18 percent according to a Reuters news article. In contrast the overall S&P 500 has dropped only 5 percent.

Many analysts have been concerned that the tax rebates the government began handing out earlier this year might not provide much stimulus for the U.S. economy as debt-burdened consumers use them to pay bills or buy increasingly expensive necessities such as food and gasoline.

Goldman says further "the credit situation facing the consumer is still deteriorating, house prices are falling sharply, and unemployment is rising."

Thanks GS.