Troubling trend lurks in earnings season as quarterly reports beat estimates, DataTrek's Nick Colas warns

With almost 80% of S&P 500 companies reporting quarterly numbers, he believes it's troubling analyst growth forecasts aren't reflecting a more benign earnings environment. It's an issue, Colas worries, Wall Street is largely ignoring.

"What's odd to me is that even as this good news comes through the system, analysts aren't really raising numbers for 2019 as a whole," he told CNBC's "Based on FactSet data, Colas points out earnings growth forecasts were actually more optimistic earlier this year. "It was actually higher a month ago, two months ago, three months ago, four months ago. So, we are actually still seeing a number of cuts even in the face of these stronger numbers," added Colas, who warned last month that the street could see its

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