Market likes the employment data early today, what about later?

Some OK things that CNBC will be jumping up and down about but it's not "all good". Excerpt below is with the help of briefing.com (a great info site).

"Payroll losses were reported across nearly every major category, with the exception of small increases in education and health services (+17K), leisure and hospitality (+9K) and government (+7K). Additionally, 1 out of every 6 workers over the age of 16 still lacks full-time employment. The number of discouraged workers was 796,000 in July, up by 335,000 over the past 12 months.

The difficulty in finding a new job is best reflected in the extension of the average duration of unemployment to 25.1 weeks from 24.5 weeks. This is the highest since records began in 1948. More alarmingly perhaps is that 1 out of every 3 unemployed workers has been unemployed for 27 weeks or longer."...briefing.com

Total number of jobs lost since December 2007 is 6.7 million. That's nothing to party about if you are this guy.

Could this be the pop to short as the big boys sell the news this morning. It could be and I will be looking to add to my short line sometime today if the action dictates the momentum is fading... that said, the squeeze play has been in vouge so watch out players.

9:52 update: Market hanging pretty well... the longer they prop it up more likely we squeeze through the highs. Financials holding well so far and they have been your leaders. Do we get the blow off top today? 1014/1015 in S&P will be a tech hurdle...

3:15 Update: Going against the recent grain and short into the last hour. Most days the market has squeezed the last hour. Still, shorting some financials/REITS (using SKF/SRS) in addition to adding to my S&P short slightly.