Yep - Earnings for 4th Qtr 08 look bad. With 98% reported - we are at -.50, the first negative operating earnings since the S&P began tracking in 1988. The GAAP earnings or actual earnings were -20.69... So dividing the current index by the last four quarters nets about a 14 trailing P/E operating and around 39 trailing GAAP P/E (ouch). So - no matter how you cut it - we are going lower. How far - I will stick with the 500 give or take 50...
Keep checking this site during earnings season to get a "feel" for earnings.
http://www2.standardandpoors.com/spf/xls/index/SP500EPSEST.XLS
The government bailouts will fail and the depression will be caused by the automakers going in the tank.
