Chuck Hill, director of research at Thomson Financial/First Call, which tracks earnings estimates, took some time last week to talk about what he sees ahead.

Estimates compiled by First Call, a competing firm, put annual growth a little higher, around 10 percent, said Chuck Hill, research director.

Chuck Hill, director of research at Thomson First Call, tracks earnings estimates.

And Chuck Hill, the director of research at First Call, said all the bad news was not in the revised earnings numbers yet.

Chuck Hill, director of research at First Call, noted that earnings forecasts are holding up even for some economically sensitive sectors despite higher interest rates.

"I can't explain it other than to say it is irrational exuberance," said Chuck Hill, director of research at First Call.

"This is business as usual," said Chuck Hill, director of research at First Call, referring to the number of positive surprises.

Chuck Hill, director of research at Thomson First Call, said the lower profit expectations told him that the technology rally might be overdone.

"We have lost momentum in the second quarter," said Chuck Hill, director of research at Thomson First Call.

"They've been crushing the numbers for three quarters in a row, but this time they came up short," said Chuck Hill, director of research at First Call.