Editor's Note: Below is a brief excerpt from today's Early Look written by U.S. Macro analyst Christian Drake. Click here to learn more about the Early Look.

Earnings season = S&P sales and earnings growth in 2Q accelerated to +9.8% Y/Y and +25.5% Y/Y, respectively.  The tax-reform related juicing of margins and corporate profitability (& repo announcements) now has 2 quarters of runway left before we annualize the impact and run into an uncompable base effect stiff-arm...

The Earnings Outlook: Past Peak? - CoD Profit Cycle1

The Earnings Outlook: Past Peak? - early look