Five anonymised historical charts were dealt to every player. The Monkey Index returned +0.28% across the same tape.
71 desks completed all five charts.
The AI rally was lifting almost every chipmaker in sight, but mounting foundry losses had the street convinced the old champion was being left behind. The quiet summer drift broke, and sellers were not done.
Crude was holding near a hundred dollars and the American shale boom was running hot, so the market still treated oilfield services as untouchable. A quiet winter drift was quickly brushed aside, and buyers stepped straight back in.
Oil was climbing towards record highs and the Fed was steadily lifting rates, so the street assumed transport margins were about to get squeezed. Sellers were not done.
Smartphones had taken over and the PC was supposedly dying, so the market had largely written the old silicon giant off. The gloom was everywhere, but the autumn bounce kept its footing.
Oil was climbing to multi-year highs and half the street feared rising crude costs would squeeze refiners. This was the week the rally found another gear.