Despite volatile equities, slowing global growth, a stronger dollar, trade disputes, and rising wages, corporate earnings look good. While 18Q4 earnings growth estimates have fallen from 20.1% to 14% over the past four months, the current ratio of negative to positive preannouncements is very low, and among firms that have announced, 75% have topped estimates. However, with the impact of tax cuts fading, 19Q1 earnings are a different story.