For the longest time, analyst consensus was that 2015 S&P500 EPS would rise a comfortable 8-10% compared to 2014. However, in recent weeks, as a result of the collapse in energy company earnings – whose prices as previously discussed are due for a 40% plunge to implied historical PE multiples – as well as almost all other company earnings as a result of the soaring FX, projected EPS have tumbled at the fastest rate since Lehman.