So what does that mean for your investments?
Money Morning's Chief Investment Strategist Keith Fitz-Gerald appeared on Fox Business' "Varney & Co." program to answer what potentially disastrous earnings could do to markets.
"Well, you know it should mean that the stock market is going to come down but what I think it really means is this, and there's a far bigger question here," Fitz-Gerald explains. "If the analysts are right and the earnings stink, then we're going to find out once and for all whether this market is actually all about Ben Bernanke and Club Fed."
But Keith doesn't think this is the time to run away.
"You have to be in this market because Ben Bernanke wants you to be in this market. They're trying to induce inflation, that inflation theoretically trickles into the stock market and you can't afford to sit this one out," said Keith.
Watch the accompanying video to hear which sectors Keith likes and what investments to stay away from.