“After yesterday’s downside disaster, the various stock index futures were actually higher throughout most of the overnight and early morning sessions…but gave back these gains when the second revision of the third quarter GDP was released. The S&P trades at under 12 times 2011 earnings, which could bring a measure of support to stocks. Earnings were $85 in 2010 and are projected to be $99 for 2011. Since 2006, the average P/E multiple has been 14.7.” 
Click here to read 11-22-11 Daily market notes from Donald Selkin