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

From an Earning Season perspective, this is precisely the spot on The Cycle’s sine curve where it gets a lot tougher than getting the Global Macro part right has been. This is where the dudes and dudettes who can get both the macro and their stock picks right start to absolutely crush their competition. 

*See our DIS long vs. NFLX short call with a long “quality” vs. short “leverage” factor overlay for details 

... “So” many questions to ask and try to answer… and it’s still so early in Earnings Season, I know… but the real predictive power in our ROC #process is for intermediate-to-longer-term #FullCycleInvestors who want to get the longer-term (and larger) moves right. 

CHART OF THE DAY: Earnings Season Calculus - Earnings Better Than Expected Thus Far Will It Last