http://online.wsj.com/article/BT-CO-20111024-713166.html "Wall Street's consensus Standard & Poor's 500 earnings outlook for 2012 has fallen more than 4% from its summer peak and is now back to January levels, as the third-quarter reporting season brings some tepid corporate guidance...."
"Europe's Debt Crisis Starting to Take Toll on US Earnings" http://www.cnbc.com/id/45032263 and it may get MUCH worse: http://www.elitetrader.com/vb/showthread.php?s=&threadid=229501