Five anonymised historical charts were dealt to every player. The Monkey Index returned +0.10% across the same tape.
69 desks completed all five charts.
The market was busy chasing the post-election rally elsewhere, leaving consumer favourites to wrestle with familiar doubts over saturated high streets and cooling footfall. Buyers had nudged prices upward, but nobody was prepared to follow through.
The iPod was turning into a cultural phenomenon, but much of the market still treated it as a passing fad for a niche computer maker. The buyers were not done yet.
Defensive utilities had enjoyed a steady autumn run, but climbing interest rates were making dividend payers look uncomfortably dear. As money rotated into the year-end tax-cut rally, the buyers finally stepped aside.
The financial crisis was still raw and Washington was circling card fees, so plenty on the street doubted whether the payment networks could defend their margins. This is the week a steady climb paused for breath.
Credit markets were already wobbling by late 2007, but investors still treated the market's favourite conglomerate as a safe harbour. The entire pre-crisis bull run peaked right here, and the rollover had just begun.