2009 forward....

excerpts from bloomberg....

Corporate earnings are about a quarter through a forecast 50 percent tumble from their peak, Citigroup strategists led by Robert Buckland wrote in a 2009 global outlook report, dated Jan. 7. Profits will drop sharply, reflecting the “collapse” in demand from the fourth quarter of last year, they said.
“To be able to call a meaningful turn in global equities we need to be closer to the bottom in the corporate earnings cycle,” the strategists wrote. “On our forecasts that is more likely to happen in 2010. We suspect 2009 may be a trading range year. So don’t sell after a 30 percent fall and don’t buy after a 30 percent rally.”