Five anonymised historical charts were dealt to every player. The Monkey Index returned +0.62% across the same tape.
69 desks completed all five charts.
The European debt crisis had shaken global markets all autumn, driving money straight into dependable dividends and phone bills people could not cancel. This is the week the defensive trade broke clear of the chop.
Rapid interest rate hikes had frozen corporate takeovers and starved Wall Street of deal fees, leaving investors bracing for a bleak winter. A sharp autumn rally proved the panic had gone too far, but this was the week the buyers finally took a breather.
With US housing starting to wobble in late 2006, the consensus was that heavy transport was bound to roll over next. This was the week the buyers pushed right through.
Europe's debt crisis was rattling global markets that spring, but a business model built on cash memberships gave nervous capital the ultimate defensive bunker. A slight drift lower over the final days showed sellers probing, but the floor held firm.
Cloud software was still fighting to prove it was a serious business model rather than an overhyped fad, and half the market thought valuations were absurd. When tech took a knock, sellers were not done.