I consider it to be code words for "White European".
Jews are not Christian.
More than the whole "Jesus thing", there are profound differences in how textual analysis is applied to scriptures, attitudes toward sex in marriage, the application of historical data to the analysis, and the acknowledgement of the oft contradictory character of the writings.
In any case, I came across a rather interesting analysis of one of the more troubling parts of Torah, the divine instructions to engage in what essentially was genocide in the conquest of Canaan following the exodus from Egypt.
Dr. Science of Obsidian Wings, a Jew by choice, compares two blog posts, one from an Evangelical Christian minister, and one from a Reconstructionist Jewish Rabbi, and puts to words a core difference in the intellectual approaches that I have always found difficult to put to words:
The two ministers come across as reasonably similar in personality and emotional tone -- I suspect they would get along quite well. Both read the Bible in historical-critical context, but they insist that it is necessary to read the Bible, not to just follow your bliss. Neither is willing to accept the "genocide commandments" as-is, but neither is willing to just throw them out or ignore them, either.(Emphasis mine)
And they approach this text from different perspectives: asking different questions, using different tools. I was brought up as a Christian (in a Catholic/Lutheran family) but am now a practicing Jew, so I find a compare/contrast very illuminating. In this case, the Christian asks about the character or personality of God; the Jew asks what we Jews should *do*.
At its core, this is why fundamentalism is not really a part of normative Judaism. (Maimonides made the point nearly 900 years ago that a strictly literal interpretation is not compatible with a meaningful study of Torah.)
If you view scriptures as instructions on how to conduct your life on a daily basis, it is impossible to take scripture literally, because the myriad contradictions and inconsistencies become manifest, thus you need to put your brain in gear, and ask yourself, "What does this mean, and what do I have to do?"
It's why the term Orthodoxy, meaning literally one way of thinking, is really not an accurate description of observant Jews. Their practice of religion is very nearly the same, they are all a bunch of guys in black hats, but when you ask them why, or attempt to get an opinion on a part of Tanach (Torah, Prophets, and Writings) you will find them coming to this from distinctly different viewpoints. (See Orthopraxy)