Five anonymised historical charts were dealt to every player. The Monkey Index returned +0.14% across the same tape.
61 desks completed all five charts.
Investors still treated utilities as sleepy dividend plays, but NextEra was busy convincing Wall Street that wind and solar could trade like a growth stock. After a steady summer run, the rally finally paused for breath.
Fears that Europe's debt crisis would derail global demand had kept big oil trapped in a choppy range all autumn, leaving investors braced for another slide. This is the week the buyers broke the deadlock.
Old-line industrials were treated as safe ground while the housing market wobbled, but late-cycle nerves were already reaching heavy manufacturing. The gentle climb ran out of road, and sellers took back control.
With double-dip recession fears and the US credit downgrade rattling the market, discount retail had become the natural shelter for nervous capital. That defensive trade had defied the summer panic, but this is the week buyers finally paused for breath.
With Washington haggling over the fiscal cliff, late 2012 saw even dependable consumer staples drift lower as the wider market hesitated. The moment the new year settled, steady buyers stepped straight back in.