Squeeze in steal situation gone terrible wrong!

[recallme]

Villain is 32/23 over just 50 hands, no read

Full Tilt Poker
No Limit Holdem Ring game
Blinds: $10/$20
6 players
Converter

Stack sizes:
UTG: $2238.50
UTG+1: $1361.25
CO: $2591
Button: $700
Hero: $2094
BB: $390

Pre-flop: (6 players) Hero is SB with A[img]/images/graemlins/spade.gif[/img] 7[img]/images/graemlins/spade.gif[/img]
2 folds, <font color="#cc0000">CO raises to $70</font>, Button calls, <font color="#cc0000">Hero raises to $310</font>, BB folds, CO calls, Button folds.

Flop: 4[img]/images/graemlins/diamond.gif[/img] 9[img]/images/graemlins/spade.gif[/img] 7[img]/images/graemlins/heart.gif[/img] ($710, 2 players)
<font color="#cc0000">Hero bets $400</font>, <font color="#cc0000">CO raises all-in $2281</font>.

I don`t get his line. Is he turning TT/JJ into a bluff, loosing value with QQ+ or bluffing?
I think this is an easyfold, but i don`t get him.