Five anonymised historical charts were dealt to every player. The Monkey Index returned -0.10% across the same tape.
76 desks completed all five charts.
The 2022 oil bonanza was fading fast and crude was sliding on recession fears, so the market had decided the energy trade was over. The selling finally ran out of steam, but buyers were in no hurry to step in.
Restaurants and stadiums were reopening for the summer, but plenty of investors still questioned whether away-from-home sales would bounce back after a year of lockdowns. The crowds returned, and the buyers carried the rally straight through.
The autumn Ozempic panic had half the market convinced consumers were done with snacks for good. By December the worst of the scare had faded, and the quiet recovery held its ground.
The wreckage of the US housing crash was still everywhere, so most of the street had written off building supplies as dead money. This is the week the autumn rally refused to give anything back.
Surging care costs and a winter of fierce public backlash had battered US health insurers, convincing the market that managed care had lost its pricing power. This is the week buyers finally stepped in to test the floor.