Longs have been expecting a good job data since the beginning of Dec 2004. The data came out three times (Dec, Jan and Feb), but none was encouraging. I do not think a better one may ever come in 2005. However, market is very possible to kill shorts first before it collapse.
As I posted last week, I won't short index until I see a big down day with volume, the down of 02/03 was just not enough. Before that happens, market may keep going up with more unreasonable excuses. Even if you do not buy it, just do not short before the market shows it weakness.