I think it's going to show up in some comments. I think you will get some comments that (earnings) would have been better if it hadn't been for the euro.

I think comments [from companies] going forward will be much better than they were in the past. The big uncertainty going forward is the slope of the ramp up.

I think we're still in a tough period for corporate earnings. And the downward revisions [for second quarter profits] have been accelerating.

If we are going to see a turnaround in earnings soon, the number of warnings are going to need to scale back.

The estimates are for earnings to be down 50 percent in the second quarter, 37 percent in the third quarter, and 12 percent in the fourth.

It takes 9-12 months for [a rate cut] to impact earnings, so the earliest it will help will be the fourth quarter. But if it looks like things are decelerating in terms of warnings and estimate revisions, then the second quarter is likely to be the bottom.