Five anonymised historical charts were dealt to every player. The Monkey Index returned +0.22% across the same tape.
67 desks completed all five charts.
Fallout from the Vioxx recall was still dragging on and liability trials were piling up, so the market had little patience for a relief rally. Sellers were not done.
Fears of a double-dip recession had receded and the Fed had just rolled out fresh stimulus, so the street was betting heavily on an industrial recovery. With the good news priced in, buyers finally stepped back.
Blockbuster hepatitis cures had made Gilead a cash machine, but half the street thought the boom was peaking just as the August market rout struck. The shares had taken a bruising, but this was the week the selling ground to a dead halt.
The COVID crash had investors dumping steady rubbish hauliers right alongside grounded airlines in the rush for cash. This was the exact bottom of the market, and the shares snapped straight back.
Pipelines were lagging far behind the American shale boom, so the market began treating heavy freight railroads like growth stocks. After climbing steadily through the winter, this is the week the rally paused for breath.