Five anonymised historical charts were dealt to every player. The Monkey Index returned +0.11% across the same tape.
88 desks completed all five charts.
The US credit rating had just been downgraded and Europe's debt crisis was escalating, driving investors straight into dull, regulated utilities. The flight to safety was nowhere near finished.
The post-election bank rally had run out of steam and deregulation was stuck in Washington, so regional lenders spent the spring giving back their gains. This is the week buyers finally stepped back in.
Six months on from the crash, the surviving banks were riding a ferocious relief rally, but nobody quite trusted that the panic was truly over. After a blistering summer run, this was the week buyers finally paused for breath.
Years of bad acquisitions had left the century-old conglomerate drowning in debt, and even a new outsider boss could not convince the market the worst was over. This is the week the relief rally hit a wall.
Medicare Part D had just launched and the sector was flooded with new business, but the street was still trying to price the messy rollout. The shares had quietly ground higher all winter, but this was the week buyers stepped aside.