What Happened Today?
Tuesday December 9, 2025
Macro:
JOLTS data surprised to the upside showing (a) companies are hiring and the economy is strong or (b) companies have ghost job posting to appear in growth mode?
The IFF reported global debt is now $346T or more than 300% of global GDP. That is 2.7x the total amount of cash on Earth. For comparison, that is almost the total value of all real estate on Earth.
Nearly, everything you own is just collateral for the debt the country has taken out on your behalf.
Micro:
ATMC 0.00%↑ (a SPAC) was T-12 halted after “running” from $13 to $100 after-hours. A T-12 halt is when the exchange stops trading altogether and requires the company provide additional information in regards to the move.
The “news” that presumably prompted the price action was the confirmation of merger agreement being signed. From that document you can find the latest redemption.
In connection with the Meeting, AlphaTime shareholders holding an aggregate of 382,091 Ordinary Shares exercised their right to redeem such shares for a pro rata portion of the funds in the Trust Account. As a result, approximately $3,971,541.40 (approximately $12.38 per share) will be removed from the Trust Account to pay such AlphaTime shareholders, subject to further redemption reversal requests (if any) received and approved by AlphaTime prior to the closing. A SPAC is essentially a high yield savings account. When the target company is found a SPAC investor has the right to receive their investment plus interest.
In this case, 382k shares were redeemed for cash i.e. those investors do not wish to invest in the post-SPAC company. This is the third round of redemptions. All are noted in the 10-Q.
The issue is that as of September,
the Company had a cash balance of $1,281 and a working capital deficit of $3,941,880.No wonder the exchange shut trading down. But, not before shorts were forced to cover and chasers got trapped.
Netcapital recently tripped distribution (BOX setup) and fell into the lower channel. 13-G was filed yesterday closing the BOX and today it spiked up 200%.
Oriental Culture Holdings (shell company) ran more than 300% intraday. This was in the channel and tripped accumulation earlier in the year.
Ah Fuck Just Kidding, sorry Aimei Health Technology (another SPAC,) tripped accumulation in October and was in an FST before it moved almost 500% today.
I imagine ATMC’s founder’s plan was to pull off that sort of short trap move before the exchange stepped in.
Crypto/Precious Metals:
Silver and bitcoin took off following a report the Fed would ramp up asset purchases.
This isn’t “QE” though. It’s NQEWW. Not QE Wink Wink.
If this does happen the mantra “don’t fight the Fed” will begin ring out on Wall Street again.
∆Liquidity was spot-on for silver’s run.
Still no ∆liquidity for any crypto token of interest.
NVDA 0.00%↑ and PLTR 0.00%↑ did not catch a bid today. Bid pressure is still weak across the board in equitie so this jump in Crypto/Precious metals is just manipulation. There is no strength in the rally.
In the basket of speculatives I watch there were very few 1 cent spreads today. This also indicates low bid pressure.
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As always, if you think there are spelling errors update your dictionary to the latest version. Happy speculation!
— AJ