Online recruitment platform SEK is following the MM playbook as closely as the bond market which is probably no great surprise as they are highly correlated albeit inversely. Yesterday saw SEK fall -4.3% smack in-line with the overall Tech Sector, if we are correct and bond yields continue to weigh on growth stocks and in particular, IT-related names lower levels feel inevitable.
- Following yesterday’s drop we are now targeting a break of $19, another ~7% lower, before ideally we will start buying the weakness in SEK and the sector as a group.
MM is looking to start accumulating SEK under $19
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NB We still have a similar stance towards REA Group although we believe its pullback will be shallower, sub $115 will also have us looking to buy this other household name.
