Five anonymised historical charts were dealt to every player. The Monkey Index returned -0.26% across the same tape.
82 desks completed all five charts.
Years of litigation over the Vioxx recall had kept the stock depressed, but a fresh crop of blockbusters had the market convinced the turnaround was real. After a steep spring climb, the shares simply paused for breath and held the line.
Cracks were already appearing in credit markets that summer, but healthcare was still treated as a place to hide. The shelter did not last the week.
Crude was in freefall after OPEC refused to cut production, leaving energy producers with nowhere to hide. This was the week buyers stepped in for a sharp relief bounce.
The 2018 rate scare had rattled the housing trade and Lowe's was visibly losing ground to Home Depot, leaving the stock firmly out of favour. The steep slide levelled off, but sellers were not done.
AI was taking all the headlines while traditional analog chips were still trapped in a grinding industrial slump, leaving the market convinced the downturn had further to run. This is the week the selling quietly dried up.