You are probably thinking, same old storylines, or things have cooled over the summer, but underneath the surface, there seems to be something brewing.

All eyes will be on the second quarter earnings season.

Why? So here are two questions.

What are our expectations for the second quarter earnings season, and what will we be paying attention to? At a high level, we are expecting S&P 500 corporate profit growth to accelerate to 28%, which would be the fastest pace in more than four years, and there really aren't too many times in history where we see this type of growth rate outside of recessions.

And while semiconductor stocks are contributing significantly, this isn't just a tech story, as we expect profit growth to be broad-based, supported by improving manufacturing activity and resilient consumer spending, which should help drive further upside in other segments of the market as well.

We also think that corporate guidance should generally be constructive.