Jobs Report...That Was Embarrassing

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Job seekers wait in line to meet with employers at the 25th Annual CUNY big Apple Job and Internship Fair at the Jacob Javits Convention Center in New York City.

Well, that was a bit ... embarrassing. The whole Street had been set up for a below-consensus jobs report at 8:30 a.m. ET, and not only did it blow out on the upside, but the upward revisions were huge. S&P futures immediately jumped 10 points.

Really, though, can this be more goldilocks? The European Central Bank and the Federal Reserve have basically said that if there was any deterioration in economic news, they would continue with their policies, and perhaps even become more aggressive. So you are backstopped on weakness.

Now, you have strong results on jobs, with huge revisions.

What does it mean? It means you can win either way. It means more short squeezes. It means there is only one overriding fear in the market right now— fear of underperformance. "No one worries about anything else," one trader said to me this morning.

Sure, it's a sluggish economy despite zero interest rates. But U.S. equity has been a store of value with the best growth potential globally—even for central banks and sovereign pension funds. "This data will force more capital our way," another trader said to me after the jobs report came out.

We broke through 1,600 on the S&P 500 at the open. This is a big psychological level. Commodity stocks and home builders were the big gainers early on. Home builder Standard Pacific continued the string of strong reports from the builders; new orders were up 49 percent.

Copper, up 5 percent, is having its best day in 10 months.

(Read More: Copper's Slip Signals Party's Over for Stocks: Analyst)

Of course, the Street is fighting this all the way. "This is the last bout of 'risk taking' and a pullback is within two weeks away," yet another trader messaged me.

Elsewhere:

1) First-quarter earnings are up 4.5 percent, with revenue growth at 1.4 percent, according to S&P Capital IQ.

2) The European Commission published its spring forecast, and this time it's negative: It slightly lowered the region's growth outlook (gross domestic product is now seen falling 0.1 percent in 2013 vs. 0.1 percent forecast in February.

(Read More: Promised Turnaround for Europe Has a Huge Error Rate)

3) Risk-on rally this week, which will continue today:

This Week

Tech 3.5%
Energy 1.1%
Cons. Discretionary 1.0%
Materials 0.6%
Financials 0.5%
Industrials 0.4%
Cons. Staples 0.4%
Utilities -0.1%
Telecom -0.1%
Health Care -0.4%

—By CNBC's Bob Pisani