Five anonymised historical charts were dealt to every player. The Monkey Index returned -0.32% across the same tape.
60 desks completed all five charts.
Subprime tremors were already rumbling in the background, but the market still believed heavy industry was completely insulated by the global manufacturing boom. The rally carried straight on.
A global commodities boom was gathering pace, but nervous desks were still convinced every rally in crude was a temporary spike waiting to unwind. The push higher paused for breath here instead of rolling over.
Early credit cracks were already spooking Wall Street in the summer of 2007, but everyday payrolls still looked sturdy enough to back a rally. The push reached its high-water mark, and the buyers ran out of road.
The global chip shortage had car plants idling and foundries desperate for equipment, turning semiconductor toolmakers into the defining trade of early 2021. This was the week the buyers finally paused for breath.
The first COVID vaccine breakthroughs had just sparked the reopening trade, putting commercial cleaning and restaurant suppliers right back in favour. The buyers were not finished yet.