The market is in denial about earnings. The story about small caps is that the Russell has consistently outpaced the growth rate for big caps since the second quarter '97, and the margin is widening.

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.

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.

[Market] bottoms take time to form, ... some visibility on earnings.

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.