Five anonymised historical charts were dealt to every player. The Monkey Index returned -0.01% across the same tape.
83 desks completed all five charts.
Fears that the Affordable Care Act would crush insurer margins were rapidly giving way to the reality of millions of new sign-ups. Having climbed steadily all summer, the shares paused for breath.
Tax season had wrapped up and investors were sceptical that legacy desktop software could make the jump to cloud subscriptions. This is the week buyers finally stepped in and found a floor.
A brief spring rebound in crude had just fizzled out, dragging the energy sector straight back into the 2015 oil glut. Sellers were not done yet.
The Fed had just delivered its first interest rate hike in nearly a decade, knocking steady dividend payers out of favour. As the wider market stumbled into the new year, defensive buyers stepped straight back in.
With interest rates staying higher for longer, the fear was that corporate bond issuance would freeze and leave the rating agencies stuck in neutral all spring. It turned out companies still had debt to refinance, and the quiet stall finally tilted upward.