Yes, Profit Margins are Rolling Over (SPY)

Following up on Sunday's "Goldman: Profit Margins Have Peaked".
From MarketBeat:

Brown Brothers Harriman

While corporate earnings season has been lackluster, there’s a new worry that’s creeping in investors’ minds: margins.

S&P 500 profit margins enjoyed a strong rally from the first quarter of 2009 through mid 2011. But margins declined in the third quarter and the current reporting period is showing further erosion....MORE