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Power Play: What to focus on this earnings season

Traders work on the floor of the New York Stock Exchange.
Lucas Jackson | Reuters
Traders work on the floor of the New York Stock Exchange.

Earnings season gets underway in a week and those results could determine if the market ends positive for the year.

Gene Peroni, senior vice president and portfolio manager at Advisors Asset Management, tells CNBC's "Power Lunch" on Tuesday, third-quarter earnings will act as a catalyst for a fourth-quarter rally.

"The potential for earnings to beat estimates is quite good. Most companies will likely beat expectations," Peroni said.

Read MoreWall Street on edge as Q3 earnings season gets underway

John Canally, vice president, investment strategist and economist at LPL Financial, believes Q3 earnings will be similar to Q2.

"It looks like we will get meager earnings growth, if we get any at all," Canally said.

Canally expects companies outside of the energy sector to report solid earnings.

"Non-energy companies may potentially grow earnings by 10 percent during the third-quarter, excluding the impact of currency fluctuations on profits earned overseas. That's pretty good underlying earnings power and speaks to the health of the broader U.S. economy," Canally said.