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Good morning. We knew the jobs report was going to be bad, but not this bad.

November payrolls plunged 533,000 and the unemployment rate rose from 6.5% to 6.7% which is much worse than anticipated. Job losses were "large and widespread" across the major industry sectors.

In other news, Paulson confirmed what most of us already know - that there are months of challenges ahead, despite the progress of the TARP in dealing with financial stability.

Premarket gainers: ACTU, THOR, RMBS, AN, MTW, NOVL, SPIR, GSK, RMBS, NOVL, HIG, SHPGY, YGE, YUM, LEAP, HOLX, QGEN, AVID, LFC, APL, CEF, & MTW.

Premarket losers: BIG, SWHC, GGP, URS, AMG, BRY, XL, JRCC, AIB, EQT, FNM, RIO, LVS, CBST, JASO, ULTA, TOT, JOYG, SCHW, ENER, AAUK, FSLR, & MOT.

The "buy the bad news trade" has been the theme of this week and we'll see if that holds true following the jobs data. Premarket futures were weak going into the jobs data and became weaker following it.

However, with the jobs report in the rear view mirror, investors will now turn their focus to next week with bailouts expected for automakers if not a new mortgage plan as well as another big rate cut on December 16th. It should make for quite an interesting day today. Have a good one!