In the three tables below we look at the bottom up dollar estimates, year over year growth, and revisions over the last three months for the S&P 500 and its ten economic sectors. These estimates are calculated using consensus analyst estimates for the S&P 500 members. As shown, growth is mostly green across the board and at expected earnings of $81.71 in 2010 the S&P 500 is trading at a P/E of 12.51. Estimates have been raised for five of the ten sectors in Q3, but analysts have trimmed estimates for Q4. First quarter revisions are just the differences between actual and estimated earnings 3 months ago; we are still gathering data for Q1 and Q2 of 2011. Source : http://tickersense.typepad.com/ticker_sense/2010/07/sp-500-bottoms-up-earnings-forecasts.html Birinyi Associates