Awaiting Economic Data

The tone has changed dramatically in regards to economic data.  Now most expect stronger jobs, manufacturing, and other economic data.  Is it a coincidence that we are near the year's highs?  I am sure the shorts don't want to get steamrolled by an above consensus number for nonfarm payrolls.  So we have shorts covering ahead of Friday.  And of course, jobless claims numbers are coming in strong as well.  Can't be short ahead of that.  Or better yet, better get long ahead of it.  Without the thorn of European PIIGS, traders are super confident.  I see limited upside in this type of environment.