The Australian IT Sector popped +2.8% in a down market yesterday with ALU leading the gains following its takeover bid however with almost 80% of the sector rallying the gains were clearly very broad based. The last 6-months has seen the local IT stocks correct fairly hard while the banks, resources etc have maintained their bullish advance, we feel this performance elastic band has now stretched far enough and it’s time for some significant catch-up.
MM is bullish IT stocks on a relative basis
