Investors were chasing the ferocious post-crisis rebound in beaten-down cyclicals, leaving steady power utilities out of favour. Heading into the Christmas break, the shares barely twitched.
Daily #82 stock chart answers — September 24, 2026
Five anonymised historical charts were dealt to every player. The Monkey Index returned -0.04% across the same tape.
73 desks completed all five charts.
As the credit crunch deepened in early 2008, defensive staples were supposed to offer an easy shelter from the storm. The safety trade broke, and sellers were far from finished.
Markets spent that summer panicking over the eurozone, but defensive retail was turning out to be the ultimate hiding place. The steady climb barely broke stride.
Shoppers were drifting away from sugary sodas and the market was busy chasing the housing boom, leaving traditional defensives thoroughly out of favour. This is the week the selling finally ran out of steam.
The autumn rate cuts were supposed to bring steady dividend payers back into favour, but a fresh climb in bond yields kept the pressure on. Sellers were not done.