Volatility aside, what have we learned from earnings?

Traders work on the floor of the New York Stock Exchange.
Brendan McDermid | Reuters
Traders work on the floor of the New York Stock Exchange.

Everyone is watching oil and China and forgetting a very important earnings season is going on, which has revealed trends that may dictate the individual stock winners and losers for the rest of 2016.

CNBC Pro checked in with earnings expert Christine Short of Estimize, a crowd-sourced earnings platform that often accurately predicts profits for companies better than the Street.

We wanted to find out the trading angles that have emerged from these reports. In her own words, here are some of the developing trends:

"FANG stocks, which ended 2015 up an average of 83 percent, seemed to hold the most promise for the new year, and boy have they delivered so far this earnings season. Only Netflix and Facebook have reported at this point, but both easily surpassed Estimize's EPS expectations, which were above the Wall Street consensus."

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