Chuck Hill Estimates Quotations

Of the 59 percent of the S&P 500 that has reported, earnings are down 18.1 percent. If we add that number to estimates for the rest, we're down 22.2 percent from last year.

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 looks like we are going to beat the estimates by less than we normally do. Until we start beating them by more than we used to, there's no silver lining in these reports.

Analysts are still behind the curve. We will continue to see estimates for 2002 being slashed. We haven't seen the levels of over-pessimism and capitulation yet.