US stocks fall but bull market may not be over

The US stock market pulled back from near record highs on Monday, with the S&P 500 falling 0.5 percent.

Still, the US bull market may not be over yet.

A recent research report from Oppenheimer points out that the majority of the information technology sector trades below the market’s overall current median earnings multiple. Historically, when tech trades at a big discount to consumer staples, the market has further room to run.

Also, the investor sentiment survey from the American Association of Individual Investors for the week ending 6 May showed that only 27.1 percent of AAII members said they were bullish. That was the lowest bullish reading in more than two years.