As the S&P 500 hits new highs, it has once again become short-term overbought and a pullback would not be unexpected. One reason for the correction could be earnings and the potential for disappointment around the second-quarter earnings season. This article points out that while nearly 70% of first-quarter 2014 earnings reports beat analyst expectations, there was less to meet the eye to the latest reports and that could give the bulls some pause. First, there was a record number and percentage of companies issuing negative guidance. Second, margins may have peaked. Finally, the multiple investors have placed on earnings may not show significant further expansion since they are close to the high of this bull market from 2009.