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The bright spot in dismal, terrible earnings: They're temporary

Expectations are dismal and dreary as banks report earnings this week. But based on history, expectations of carnage may not materialize, experts told CNBC's "Fast Money: Halftime Report" and "Power Lunch" Monday.

JPMorgan Chase, Bank of America, Wells Fargo, Citigroup, Morgan Stanley and Goldman Sachs fill out the line-up for this weeks earnings, and almost all are expected post year-over-year declines in both top and bottom line figures, said Christine Short, senior vice president of media and PR at Estimize, a crowdsourced earnings estimates platform.

But the small number of companies that have reported so far have beat expectations, Short said — and that is in line with historical patterns tracked by Estimize.

"I don't think it's ever as bad as everybody thinks at the beginning of the season," Short told "Halftime Report" Monday.

Wall Street will be hanging more on macro economic commentary from industry leaders, Short said. And there could be a bright spot on the horizon, Short said, at least when it comes to dollar, which has impacted trade as it grows more expensive compared to other global currencies like the euro.

"There aren't a lot of absolute rules in investing, but the one thing that is absolute is you want to invest in industries that have well-identified, short-term problems," said Charles Bobrinskoy, vice chairman and head of investment group at Ariel Investments. "Yes, this is a terrible time for earnings. It's going to get better."

To be sure, not everyone agrees.

As the Federal Reserve waffles over whether to raise interest rates, the energy sector suffers under debt and regulators scrutinize the financial sector after the Great Recession, banks are left "in handcuffs," said Stephen Massocca, managing director at Wedbush Equity Management.

"I think there's stuff that's equally cheap that you could buy," Massocca said.

Disclosure: CNBC has a content-sharing partnership with Estimize.