If you haven’t checked the weather lately, you might want to look outside. Hell has frozen over and pigs are flying. In the biggest upset since David beat Goliath, Republican Scott Brown has defeated Democrat Martha Coakley in the bluest of blue states, in the safest of safe Senate seats, one that has been held by a Kennedy since 1952. A Republican hasn’t been elected from the Bay State since 1972. As Tim Carney tweeted: "Mass was the most unipartisan state in the country: all 10 congressmen, 2 Sens, all statewide offices & both chambers were Ds." Democrats and Republicans alike are stunned by how Brown was able to nationalize the election and overcome a 31-point deficit in about six weeks.

What does it all mean? One fundraiser said the result of this race wasn’t a canary in the coal mine for Democrats, it was a flock of dead ravens on the front lawn. Another wit said: "If you are looking for an analogy for a Republican victory in Massachusetts, the best one for Democrats may well be the stock market crash of 1929. You could have Democrats jumping out windows and off roofs."

University of Virginia’s Larry Sabato says the message from voters is simple: "Stop trying to remake the world in one fell swoop during hard times." The Chamber’s Tita Freeman echoed that sentiment in a Dow Jones wire story in which she said, "This is a clear sign that Massachusetts voters are concerned that Washington's tackling too much too soon." Former Clinton advisor Lanny Davis has this advice to Democrats who think Coakley lost because of her style: "It’s the substance, stupid!”

Some are anticipating a wave of Democratic retirements from members in competitive districts. Some are predicting that a number of Democratic House members who won in Republican-leaning districts might get cold feet on health care, cap-and-trade, card check, and taxes. The big question is what will Democrats do now on their health care bill. Despite repeated and vocal assurances from Speaker Pelosi that the House would not roll over and blindly accept the Senate bill, House Majority Leader Steny Hoyer says it is "clearly better than nothing" These are other choices: have the House vote on an unamended Senate bill (rank-and-file members are saying "forget it”); seek to flip one of Maine’s Republican senators (they are unlikely to bite); or use reconciliation, which would require splitting up the bill and would almost surely draw the wrath of the electorate.

Speaker Pelosi said yesterday, regardless who won the special election – "Let's remove all doubt, we will have health care one way or another." Sen. Webb issued a statement last night that said, in part: "I believe it would only be fair and prudent that we suspend further votes on health care legislation until Senator-elect Brown is seated." A sentiment echoed by Barney Frank who said it would be wrong "to pass a health care bill as if the Massachusetts election had not happened."

Expectations of a Republican victory in Massachusetts and the possible demise of the health care bill sent health care stocks soaring yesterday, driving the market up with them. The Dow was up 116 points. Investors were also buoyed by a solid fourth-quarter report from IBM.