- Don't Panic. Universities start with their very top candidates, often the very same people for each school. It is only after these candidates start deciding that schools will start bringing in other applicants. Also many CS departments first try to hire in applied areas and failing that will only then start to consider theory candidates. So sit tight, there is still a long way to go in this market.
- Expand your opportunities. Consider some schools you may not have thought of before. There are many possibilities overseas as well, especially for postdocs. The Internet is the great equalizer, allowing one to do strong research from just about anywhere.
- Consider another postdoc. It is becoming more common in our field to take a second or third postdoc and is no longer frowned upon when you reapply for permanent jobs.
- Keep busy. Keep your mind off the job hunt. Do some more research. Work hard on your thesis or journal versions of your papers. Take a vacation. Don't just sit at your computer checking your email every 15 seconds.
- Make some money. The hard truth is that there are not enough good academic jobs for all of the qualified applicants. But CS PhD's don't drive cabs. So join an Internet company or a hedge fund and go have a happy well-funded life.