Well into the third quarter earnings season, with more than 20 percent of the benchmark S&P 500 companies having reported their results, this video with Peter Garnry, Equity Strategist at Saxo Bank, looks at the leaders and laggards and what common threads, if any, there are across sectors. It particularly focuses on the far reaching consequences of the Eurozone crisis on banking and financial entities plus the apparent invincibility (at least for now) of companies in the energy and technology sectors to the slowing economic growth of several key economies around the globe. It also looks at the biggest earnings surprise so far from Caterpillar, which is benefitting largely from a mining boom driven primarily by China's demand for industrial metals and other mined materials used in manufacturing. Peter likens the overall lack of expression and visibility concerning 2012 earnings outlooks as akin to radio silence with very few companies daring to speak up, and some actually even avoiding guidance on the fourth quarter despite relatively reliable revenues.

See more of Peter's market commentary on TradingFloor.com