US jobs data disappointed the market on Friday night. Apparently it was the worst result for about eleven months, whilst the unemployment rate remained at 9.1%, there were no new jobs created. This news sent the US market sharply lower, the Dow Jones closing 2.2% lower ahead of the long weekend (US market closed tonight). Our market followed today, down sharply on the open and slowly declined further throughout the day. The XJO lost 2.4%, down 101 points on light volume. Gold was the only sector finishing in positive territory, Energy the worst hit – down 3.5%. From going through more than fifteen hundred charts on the ASX and US markets on the weekend it is clear that the charts are a mess and quality setups are scarce. The charts need time to settle still and time to form patterns that offer low risk entries. Also, there is still plenty of doom and gloom about with economic issues in Europe and the US so the sidelines are still not a bad place to be.

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