It would appear that the market did not think much of the carbon tax. This joins a range of issues including European debt issues and inflation in China that are creating uncertainty for the markets. US jobs data released on Friday night saw the Dow Jones down just over 152 points at one stage. The major indices there managed to trim the losses and close well off the day’s lows in a volatile session. Such a scenario wasn’t to be for the XJO today, it lost ground all day to the tune of 1.56% and closed near the lows to post a 72.4 point loss for the session. The sector board was a sea of red with the exception of the Telecommunications sector which closed up 0.6%. Of those taking the punishment for the day, Energy, Financials and Information Technology all closed 2% or more lower. As a result of today’s price action we see the ASX Systematic Portfolio tighten up stops in taking defensive action.

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