Manulife clobbers XFN!

Ah, we were doing so well with XFN, outperforming the XLF, and the TSX until Manu decided to cut its dividend! Is this a sign of things to come in Cdn financials? What should we do? There might be a quick short rally Fri or Mon. Should we sell into that? I hate to be a short term trader but Manu has a history of being on the leading edge (or trendsetter) so this may portend other similar moves.
If we decide to take action, please go ahead with trade. I am currently in Europe with limited internet access after noon EST.