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What Wall Street got right this earnings season

S&P 500 over & underweights

Wall Street likes tech, and that was the right call in the latest earnings season.

Now it's paying off so far this quarter.

A quick survey of eight major investment analysts' calls shows that most firms were overweight technology, even though it had been underperforming as the worst sector in terms of stock performance in the second quarter, with a 3.3 percent decline.

That, however, reversed sharply during the latest reporting season in July, and tech went from being worst to first in the current quarter — up more than 9.5 percent so far.

"It's a trend you tend to see in earnings. The sector where the bar was set lowest tends to do best," said Paul Hickey, co-founder of Bespoke Investment Group.