US Q2 earnings set to boom

Good breakdown by Credit Suisse (via the Wall Street Journal) on where the US earnings growth is coming from:

Oil is good for a small set of companies, bad for the rest. But unless the oil price falls the earnings growth will be repeated in 3Q and 4Q.

Taxes are one-off but set to continue for at least another 6 months. I’m expecting continued gains (albeit much smaller) for the next few years as companies work out how to game the new rules more effectively.