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Editor's Note: Below is a brief excerpt from today's Early Look written by Hedgeye CEO Keith McCullough. Click here to learn more about the Early Look. 

3 Key Takeaways on Third Quarter Earnings - 10.11.17 EL Chart

1. In rate of change terms, we've been comparing against 5 consecutive quarters of DOWN earnings.

2. As you can see in today’s Chart of The Day, SP500 earnings were down, on a year-over-year basis from Q2 of 2015 to Q2 of 2016.

3. Calling for US profits to #accelerate in 2017 was the easiest base-effect call we made… but you shouldn’t expect it to continue in perpetuity.

 

3 Key Takeaways on Third Quarter Earnings - early look