Imports and exports falling concurrently was only unexpected if you live under a rock. Imports falling can at least be partially explained by the west coast port slow down coupled with rough weather in the north east. This meant some of the nations busiest ports were at limited capacity for a good portion of the last month+. Exports were likely also impacted by the above factors, but the main factor is obviously a stronger dollar globally - particularly in Europe.
The unemployment rate hitting 5.5% coupled with a twelfth straight month of 200k+ jobs added would reasonably be a trigger for the Fed to raise rates, but given that inflation is non-existent, I don't see the them taking any immediate action on the matter - particularly since wage growth has been so slow despite the job gains. They don't want to risk derailing whats been a fairly tepid recovery.
To say that the end of "free money" is going to result in volatility is somewhat overzealous. Volatility comes from uncertainty...I would argue there's more volatility during a time period such as now when the market is unsure how exactly the Fed is going to react and swings back and forth between positive and negative anytime there is new, "breaking" news (think the VIX in '08 and '09 before TARP/QE were announced). Once the market knows how to react there may be swings either way, but there won't be a sustained period of back and forth movements like what is experienced during times of uncertainty. Just look at the winding down/ending of QE. The world didn't end and there was no massive market correction (and job and economic growth continued) when the Fed stopped pumping billions into the economy.
Saying the Euro crashed based solely off of today's data points would be unfair, its been circling the drain since 2010 - although it's certainly picked up its pace over the last few quarters.
Oil's slump is certainly impacted by the dollar's gains since its a dollar denominated asset, but its without a doubt primarily influenced by the supply glut on top of tepid demand. We added 10M barrels this week to the reserves despite domestic rigs dropping like flies; considering the Saudis are playing chicken with us on cutting production its unlikely this will change anytime soon. We're running out of places to store the stuff...meaning there will likely be more downward pressure on crude moving forward.
While I wouldn't rule a 5%-10% correction out of the question, at the end of the day there's only so many places to put capital to work globally in the current geopolitical and economic climate, and the US is without a doubt going to be the destination for a significant portion of that capital. Europe is still mired in economic stagnation and somewhat of a sovereign debt crisis. Russia is a joke right now between sanctions and the decimation of energy prices, particularly oil. China has finally showed that it is not all that it was cracked up to be, with even their fabricated data showing they have some holes in their armor.
I don't see a serious, systemic risk to the marketplace right now (although there certainly signs pointing to the possibility of some in the not too distant future), so I would be surprised to see a massive correction on par with the subprime crisis. But then again I haven't been trading 3x levered ETFs for the last eight years, so take it with a grain of salt.