Three big things to watch during earnings season

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Investor expectations are growing for the second half of 2014, with consensus belief that the thus-far weak economy will turn around and the raging bull market is not yet out of steam.

We'll soon find out if those high hopes are justified.

Company earnings reports start up in earnest in another week or so, with Wall Street expecting the to show gains of 6.7 percent in bottom-line profit (down from 10.3 percent in January) and 2.8 percent in revenue, according to S&P Capital IQ.

Once things get going, the Street will be watching not so much the backward-looking profit numbers but rather forward-looking statements. Specifically, the focus should be on three things: whether companies will continue share repurchases; the level of planned investment through capital expenditures; and how confident companies are with future growth.