What does the JScript IntelliSense error "Object expected @ 0:0" mean when compiling?

Question

What does the JScript IntelliSense error "Object expected @ 0:0" mean when compiling with Visual Studio 2008?

Error updating JScript IntelliSense: ascript.js: Object expected @ 0:0

Double-clicking the error drops the cursor into the aspx that has the reference to the script file. The script file is listed in the aspx in a script manager.

<asp:ScriptManager ID="ScriptManager1" runat="server" EnablePageMethods="true">
    <Scripts>
        <asp:ScriptReference Path="~/scripts/ascript.js" />
    </Scripts>
</asp:ScriptManager>    

The script file exists and starts with a document ready function that doesn't do any thing (other than occasionally pop an alert when the document is ready).

$(document).ready(function() { 
    //alert("Yep");
});

I'm sure that it's something really simple or that the error message is a red herring ...