I remember when I first went on the market - thinking it was the most humbling experience of my life. I felt like I was doing pretty well in grad school, and then seeing rejection after rejection. But you just have to keep your chin up and trucking and know that rejections are not a reflection of you as a person. Also, it is helpful to keep in mind that rejection is a HUGE part of an academic career. You will have many papers, conference presentations, and grant proposals rejected in the future, and eventually you develop a thicker skin.
I'm back on the market now because I don't think my current job is a good fit. But it is a BIT less stressful because I know at the end of the day that I have a job. (I remember the period in graduate school I was CONVINCED I wouldn't find something and how terrible that was!) This is also my second year "back" on the market. Last year I had zero hits. This year I have two interviews so far and only 3 schools "crossed off" my list. A new year and things change - clearly I'm not the loser I looked like last year!
As for the obsessive checking email and updates. Unfortunately I can't help with that. I am getting incredibly distracted by this whole process.