I'm in the same position as the OP, and plan on using my holiday time off to do some heavy thinking and weigh my options. Definately gonna have the resume ready, and on top of that I'm considering the following:
-Sell off expenses like my car, and go traveling for a while
-Look for a new job in the same industry, and not just wait to get let go
-Quit my job and try something big, like starting my own company. If job security is gone anyway, why not take a risk that could pay off big?
-Stay where I'm at and hope the market turns before I lose my job
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