Worst Quarter in Five Years?

"We would be especially concerned if we see signs of surprising cutbacks of consumer spending as companies report their earnings," says McCain.

Consumer discretionary companies -- especially apparel retailers -- are expected to have been hit the hardest, according to Thomson Financial. Pavlik argues that it may even top financials as the weakest performer of the quarter.

Analysts are also quick to point out Dean Foods (DF Quote) as evidence there are issues not completely related to the credit crunch affecting consumer spending. Dean Foods cut its earnings forecast and reduced its work force due to higher milk prices.

"Higher milk prices and other commodities are driving consumers away from brand names to compensate for price," says Mendelsohn.

On the bright side, commodity prices might help those names tied to the energy sector, where companies like ExxonMobil (XOM Quote) and Chevron (CVX Quote) routinely report record numbers. Of course, oil prices hit their highest level ever during the third quarter and gold tapped a 27-year high.

Technology is also expected to deliver a strong quarter, as it's one of few sectors that has come through the credit storm relatively unscathed. Apple's (AAPL Quote) introduction of the iPhone and its new line of iPod MP3 players make it one of the early favorites.