Because of the "kitchen sink" earnings writeoffs being reported currently, trailing four-quarter earnings per share are down some 67% from their $84.92 high in 2Q'07 down to $27.69 in 4Q'08 as estimated from 85% of the S&P 500 companies who have reported through 2/12/09.
S&P further estimates that the current $27.69 will drop to $14.15 in 3Q'09, which will be a 83% collapse from their high nine quarters earlier.
With the S&P 500 index at 827, the stock market's current P/E ratio is currently 30 and an incredible 58 based on earnings three quarters from now.
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