The forecast came out at ZERO! The economy needs to add 110K jobs each month just to stay in place. Now we know why the spin machine was in overdrive. So much for quantitative easing and stimulus packages. Double dip recession chatter will dominate the airwaves. Gold is up $45 and so are Treasuries.
My take is still that financial markets saw much of this coming during the last month or so when the SPY hit the low 100s, Revisiting those levels would tempt me, but that is 100 points away, and people will be shorting every pop until then. I think that with the long weekend and time decay, the old faithful VIX trade should come back to life later in the morning.