It should be spooktacular if revenues disappoint. So far, those companies such as Alcoa meeting/beating are doing so on cost cutting and extraordinary items, for the most part, while the financial MSM has rarely mentioned those companies that missed, and their are many. Companies can't keep cutting costs forever to barely meet or even miss low-as-they-are earnings' expectations, let alone the more important revenue growth - even an irrational market is going to puke ultimately on such shenanigans. Book 'em Danno. This market is all hat and no cattle, and if you've looked at trailing P/E ratios, we're in beyond nosebleed levels (higher than dot.com days). Risk/Reward models frown heavily on this market, and look for the safety trade to come back online in a big, big way.