Yes!!!
OK. Sorry...
Yes. It is indicative of a leak in the hydraulic system. Most likely the rings on the piston in your lift cylinder are bad (and very likely the walls of the lift cylinder itself are badly scored).
I haven't done the repair myself (souNdguy had written a VERY detailed, most excellent synopsis of his lift cylinder refurbish... I believe that it's in the Ford 9N,2N,8N forum... the lift systems will be very similar... though not identical... I'm not certain about the parts, though).
I understand the procedure to be not overly taxing on the grey matter, but... is a bit time consuming... requires some 'grunt work'... and will most likely run you over $100 (but less than $200?) in parts/fluids.
