Postcards: Allegedly... Leap Day Woes... and the Fed's Latest Folly

Matt Taibbi beat me to this story, but I will comment anyway on the word "allegedly". Leap Day cost me money. And Powell goes to Congress, where it ends as badly as we expected.

Market Update: We’ve had a nice rebound today from yesterday’s selloff. We’re witnessing the continued expansion of global liquidity (according to Michael Howell) and the never-ending frenzy around irrationally valued assets like crypto and semiconductors. But as we note below, there is serious selling pressure across small-cap stocks as we await the Fed’s upcoming meeting. Bitcoin is now consolidating at $67,000. There’s a wall of sell orders at $71,000. We’ll see if it can break through that level… and if so… it’ll rip well past $75,000. Otherwise, we’re likely heading back to the $61,000 level—battle of the bulls/bears on the Electric Centipede.

Dear Fellow Expat:

What’s the deal with the word… “Allegedly?” (No Jerry Seinfeld voice needed).

Author Matt Taibbi beat me to the punch on this topic.

I wish these things didn’t bother me. But as you know, we are very committed to transparency and getting things right about the world around us.

When we’re wrong, we correct ourselves. When we ma…