Peak Earnings?

From Chart of the Day:


Notice the rapid rebound in earnings after the 2008 low.

Since that time:
Companies have trimmed expenses.
They have cut staff.
They have paid executives bigger bonuses.

So, my question is this:

Where is the next driver for earnings going to come from?

US "growth" is slowing.
Europe is in turmoil.
Incomes are stagnating.
China is decelerating.
Sovereign debt is expanding.

Consider the following chart of the Semiconductor index, generally thought to be a good leading indicator of future market movement:

Notice that Semis have broken through the 200 day MA.

They are below the bottom of the Keltner channel.

The 4 day EMA has crossed outside the bottom of the Keltner channel.

These are very bearish indicators.

Got cash and gold?