Interesting market action today

I don't know how many readers here follow the markets day-to-day (or intraday, for that matter). But today has really been fascinating. Nasty stock market open, followed by a big rally. Long bond futures prices surge, but then reverse all the way into the red (down about 10/32 at the low). Dollar Index tanks right after the bad jobs news comes out, then reverses sharply and actually goes positive (meaning, the dollar rallied vs. other currencies). Is this a real reversal? Or just the mother of all short covering rallies across the board? Enquiring minds want to know.