HubSpot Investor Presentation — July 2021

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Listening to the market

The market is saying “I am healthy. Both growth and cyclical can work. Just depends on

fundamentals / quality”. Big tech up. Disruptive tech down. Industrial, transport, materials fine, but

reopening names down. No clear signal about whether growth/tech or cyclical/value will work. UST

Yields continue to move down, but the market is now more immune to it. Disruptive tech taking a

break after a strong run. Delta variant concerns being priced in.

+Overall tape healthy .People leaning towards Large Cap, Quality

+FAAMG healthy. Fundamental prevails. This does not extend to TSLA NVDA (which are trading

more inline with Disruptive Tech)

‒Disruptive Tech down. ARKK MOON are down on heavy volume (see Appendix), even when UST

yields are falling. Our call on this reversal a few days ago is correct. Question now is where will it

hold? It is now retracing a 48 days / 30%+ upward move. Reasonable target would be $118 (17

Jun close; 200DM A). Will take some time, from a TA perspective. Disruptive Tech internals

confirming the downtrend. Sub-sectors PBW SOX WCLD SPCX IPO all down. ATOM is one of the

extremely high risk long -shot (either “conquer the world”, or “it's nothing” type) tech companies

-a leading indicator on the downside. Big down day. SE(best quality name) also down

‒Cyclicals. DTX, IYT and CPER holding well. SPHB is down. Seems like Delta Variant is still being

priced in. Financials are down due to yield dropping, so little signal there.

+Cryptocurrency holding nicely. Alts are moving higher. Esp. under the backdrop of $DXY rising.