Salient to Investors:

Tom Wirth at Chemung Canal Trust said the earnings season has disappointed many, sales are disappointing.

70 percent of S&P 500 companies beat analysts’ estimates in Q3, 60 percent have missed sales forecasts.

The S&P GSCI spot gauge of 24 raw materials erased gains for the year.

Robert Shiller at Yale said there is some risk we could start a new bubble and repeat the whole cycle.

Read the full article at http://www.bloomberg.com/news/2012-10-23/u-s-stock-futures-decline-western-digital-tumbles.html