More earnings damage after the bell

After several important earnings misses / lowered outlooks from companies last week, we have had several more tonight, with Schering Plough, Merck, American Express, and specifically for those interested in the QQQQ,  Sandisk and Apple.  The QQQQ is already selling off over 1% after the bell tonight and should lead to weakness in the coming sessions.  We feel that there is a good potential for accelerated selling pressure in the near future.