The somewhat lackadaisical market sentiment leading into the February reporting season stands in sharp contrast with the hefty profit upgrades by analysts over the past four months. Depending on whose numbers we take as guidance, average profit growth (EPS) for the Australian share market this financial year increased over that brief period from a mere 6-7% to between 13-19%. If these numbers still stand by the end of August, the Australian share market might well be about to experience its strongest year for profit growth post-GFC. Note that a big chunk of this growth won't show up until the August reporting season, but even so the underlying trend is firmly upwards and by then the average might well be a lot higher. The downside to all of this is that virtually all of the increases in forecasts have occurred in the resources sector and in the resources sector only.