Five anonymised historical charts were dealt to every player. The Monkey Index returned +0.20% across the same tape.
94 desks completed all five charts.
Subprime mortgage cracks were already spreading across Wall Street, but investors still treated asset managers as safe harbour from bank balance sheet rot. The rally held its ground right into the winter.
Fed taper fears had commercial real estate on the back foot all autumn, so half the street treated warehouse landlords like sleepy income plays. This is the week buyers stepped back in.
Rising interest rates were starting to bite consumer spending, making off-price discount retailers the market's favourite place to hide. The quiet summer bid held firm.
The market was bounding off the Great Financial Crisis bottom, but with recession still biting, half the street was convinced the tech rebound was just a bear-market trap. This was the week the buyers finally ran out of steam.
Trade war tensions were cooling and aggressive cost-cutting had built a solid winter rally across US rail. This was the week the momentum paused.