The stock market continued its losses on Tuesday after Fannie Mae, D.R. Horton Inc. and Swiss bank UBS reported quarterly losses. We also recorded a new record for crude oil, $121.49.

Another crappy day in the market as General Electric stoked concern about the health of corporate profits and the wider economy. The major indexes were at times down more than 1 percent.

This article talks about EPS estimates for S&P 500 companies today versus 90 days ago. In addition, it discusses whether estimates are still to high and whether the market is cheap due to a low PE multiple

Felix Salmon thinks says that the "financial sophisticates know that the Dow Jones Industrial Average is a bit of a joke: it's only 30 stocks, and it's not even an index."