Stocks tumbled on Wednesday, as traders braced themselves for 2023.
Investors.com officially put the stock market in a correction.
This means that the market is in a downtrend and investors should build cash positions and hold off on making any new purchases.
The stock market has already had three legs lower, so this could be the last correction we see until the next Bull Market begins.
Overall, S&P 500 declined 1.2% to 3,783, while NASDAQ fell 1.4% to 10,213.
Tweet of the Day
— The Real Norseman1 (@Norseman1) December 28, 2022
Chart of the Day
Our chart of the day is the one-year chart of HubSpot (HUBS) as of December 14, 2022, when the stock was at $314. Today, the stock closed at $278, and we think it’s due to year-end tax loss selling.
Hubspot offers online software that can keep track your business’ customers and potential customers, do online marketing campaigns, trace if people are opening your emails, and even automate customer service team.
HUBS looks to be a software stock to bounce back in 2023. Our fair value on HUBS is $424 a share which is 10x revenue estimates for 2023.
Notice that the stock seems to be putting in a bottom. However, in this Bear Market, it is too early to call a bottom in a growth stock.
HUBS is part of the Aggressive Growth Portfolio.