SPXT - Weekly Commentary: Bipolar And The Q2 2021 Z.1

• It was a rather glaring warning. Yet it was, of course, taken as just another buying opportunity – a rather easy one at that. It seems to only get easier.
• The more markets rallied, the louder the bulls scoffed at the notion of Evergrande impacting systemic stability.
• Risk premiums widened, notably across the board. Global Credit default swap (CDS) prices gapped higher, in what had all the makings of a destabilizing synchronized market dislocation.
• The global Bubble comprises myriad individual Bubbles. Yet at its core, the “global government finance Bubble” is Bipolar – Beijing and Washington.

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