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Just shake it off and do a good job. Can't do anything and apologizing for a suggestion isn't professional.
But you had to realize what you were suggesting. The best quant analysts are in the world out looking at the same stocks as you. A quantification of price trends won't do anything or pull some special insight. Laudable that you suggested it, but something as simplistic as that no matter how complex the analysis is that an undergrad can do won't make a significant impact.
You say this position is in ER at a MM bank. I'm assuming that you're a quant working amongst liberal arts majors? If so, then I don't think his reaction is surprising.
From their response it feels like your coming off as a know it all/ giving them advice. For now, stop finding ways to add value lol.
You're probably not finished... just in the dog house. Work hard to redeem yourself and make an active effort to assure your analyst that he is the boss, and you are the peasant.
Don't just focus more on fundamentals, but also ask him about his methods and try to learn from him.
It sounds like he gave you a typical intern assignment, nothing more than that.
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