Signal Ledger Lab

SIGNAL LEDGER LAB / DAILY RESEARCH

The Closing Ledger.

The market in perspective. The businesses behind the numbers.

SESSION 2026-09-25FREE RESEARCH
Email preferences
THE ARCHIVEBrowse past editionsSep 25, 2026

Each date opens its published report, with the figures and research recorded for that session.

Crude oil moved +4.3%Read editionSOXL moved -20.4%Read editionStrategy moved +5.0%Read editionSOXL moved +5.3%Read editionSOXL moved -12.7%Read editionStrategy moved +5.6%Read editionSOXL moved -13.4%Read editionAST SpaceMobile moved -8.6%Read editionSOXL moved -8.1%Read editionAST SpaceMobile moved -10.5%Read editionSOXL moved -10.3%Read editionStrategy moved -6.8%Read editionAST SpaceMobile moved +8.0%Read editionStrategy accelerated into the closeRead editionSOXL moved +6.5%Read edition
Nasdaq 100QQQ · ETF proxy+0.45%
S&P 500SPY · ETF proxy+0.53%
Dow 30DIA · ETF proxy+0.93%

01 / THE MOVE THAT MATTERED

RISK-ON

Supermicro moved +4.2%

Supermicro closed up 4.23% on the session.

RISK-ON：Broad advance with small caps participating.

SOXL closed up 3.42% on the session.

Intel closed down 3.42% on the session.

THE OBSERVATION

A market move is an observation. A causal explanation requires separate evidence.

SESSION SNAPSHOT

The closing picture

02
QQQ+0.45%SPY+0.53%DIA+0.93%DECLINE0ADVANCE
Close-to-close return · ETF index proxies
Reported session values. These bars compare returns; they do not imply an intraday price path.

LEADERS & LAGGARDS

A session of contrasts

03
SMCI+4.23%SOXL+3.42%USO-3.13%INTC-3.42%DECLINE0ADVANCE
Selected instruments · session return
Session observations

USO -3.13% — Crude oil closed down 3.13%

SOXL +3.42% — SOXL closed up 3.42%; lost 0.77 points after 14:00 ET

INTC -3.42% — Intel closed down 3.42%; lost 1.02 points after 14:00 ET

SMCI +4.23% — Supermicro closed up 4.23%

The reported selection, not a ranking of the entire market.

PICK-NY / MODEL PORTFOLIO

What moved the portfolio

04
PortfolioNot available
S&P 500 · SPY+0.53%
Excess returnNot available

Holding contributions were not included in this report.

Only material contributions are shown. Their sum may differ from the full portfolio return.

EVIDENCE & CONTEXT

What explains the move?

05
CAUSE NOT VERIFIED

The cited item was a routine ownership filing. The report does not establish a causal connection to this move.

SIGNAL LEDGER / VALUATION WATCH

Price is not value.

06
ORCL-1.76%SESSION ESTIMATENot publishedNo comparable current valueMSTR-1.85%SESSION ESTIMATENot publishedNo comparable current valueTSLA-1.56%SESSION ESTIMATENot publishedNo comparable current valueAMD+0.23%SESSION ESTIMATE$555.85Valuation input changedASTS+1.23%SESSION ESTIMATENot publishedNo comparable current value

AMD: the session estimate moved from $451.49 to $555.85.

Historical estimates as of this session. Open a company to see its latest research. A missing estimate is not a zero valuation.

SIGNAL LEDGER LAB

Own great businesses. Let time do its work.

END OF EDITION / 2026-09-25

Signal Ledger provides independent investment research and analytics for informational and educational purposes only, not personalized investment advice. It does not provide brokerage, trade execution, custody, or managed accounts, and it never places trades.