Five anonymised historical charts were dealt to every player. The Monkey Index returned +0.12% across the same tape.
90 desks completed all five charts.
Early pandemic headlines had turned antiviral hype into a market darling, but traders were already cooling on treatment stocks as vaccine progress gathered speed. The quiet drift just carried on.
Deep in the financial crisis, Wall Street expected online ad budgets to collapse alongside traditional media. This was the spring search proved far more resilient than the wider market, and the bounce held.
Amazon had just spooked the entire consumer staples sector, so legacy food stocks were treated like dead weight while tech ran away with the market. Buyers showed up to defend the level, but conviction was completely gone.
With rate hikes starting and tech pulling back, the street spent the spring hiding out in defensive healthcare. The big move was already in the price, but the buyers refused to give up an inch.
The global chip shortage was making headlines, but a sharp rotation out of tech knocked 10.2% off the stock over late winter. This is the week the selling finally dried up.