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Bang for your buck: Where earnings surprises are

Traders on the floor of the New York Stock Exchange.
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Traders on the floor of the New York Stock Exchange.

Analysts once again set the bar way too low for this earnings reporting season, leading to a plethora of profit surprises and subsequent positive market reaction.

Three sectors of the market in particular are seeing the biggest rallies following earnings reports and so they could be attractive areas for investors to hunt for the next profit-surprise surge.

"Earnings expectations for the quarter are moving up," said S&P Capital IQ's Lindsey Bell, who calculates that first quarter earnings are on track for a 2 percent decline compared to a 3 percent drop only five days ago.