Notes

A news scan found the advisory index for R92000 on September 20 remains unchanged, with A35 and A34 still in place. No new amendment is visible in the index, which does not provide actual class waiting times or collected Total Cost of Equity, or TCE, a measure of the cost of a company's equity. The existing schedule of Monday at 388 and Tuesday at 415 is retained. https://pancanal.com/en/maritime-services/advisory-to-shipping/

A news scan found the headline 'FRO R92000 adjusted completed technical packet'. On September 18, the close was 51.42, which is higher than the prior 20 days' average of 50.66. This is also higher than the Simple Moving Average of 50 days, which is 39.7668, and the Simple Moving Average of 200 days, which is 31.5307. The Average True Range over 20 days is 1.6095. The annual return over 60 days is 43.4078 percent, and the return over 252 days is 149.8542 percent. A hypothetical stop loss is set at 48.201, with a net of 3 and a risk-to-reward ratio of 1.901369, at 20 basis points per side. There is no standing order. https://runway.adityaperswal.workers.dev/data/stock-bars

On September 18, the close was 183.96, which is lower than the prior 20 days' average of 197.67. The 50-day Simple Moving Average, a way to smooth out price changes, is 203.2032, and the 200-day Simple Moving Average is 203.6842. The Average True Range, a measure of price volatility, over 20 days is 8.00247. The annual return volatility over 60 days is 65.4855%. The return over 252 days is 89.8452%. A hypothetical trade with a stop at 167.95506 could result in a net gain of 3 times the risk, or 234.92408, at 20 basis points per side. One share of this trade exceeds 120% of the fund, but a fractional position is possible during Regular Trading Hours, although there is no signal to do so. https://runway.adityaperswal.workers.dev/data/stock-bars

On August 3, the issuer of POWL reported its results for the quarter ending in June. The revenue was $312 million, with a gross margin of 30.6% and earnings per share of $1.42 after adjusting for a stock split. The company received orders totaling $934 million and had a backlog of $2.4 billion. It also had $633.561 million in cash and investments. A three-for-one stock split took effect on April 6, meaning that for every one share owned before the split, the owner now has three shares. To account for this split, the stock price was adjusted, so the price on April 2 was $182.46 and on April 6 was $186.57, which is different from the unadjusted prices of $547.81 and $186.72. The company noted that its reported backlog is not a guarantee of future profit. https://www.sec.gov/Archives/edgar/data/80420/000008042026000103/ex991-powlq3xfy2026earning.htm

In the fiscal year 2025, 45% of the company's revenue comes from materials. The company faces risks due to limited or sole-source components, potential delays in redesign and qualification, and the risk of liquidated damages. Most contracts also expose the company to cost overruns, but management believes that pricing adjustments and estimating can help manage this volatility. No single customer accounts for more than 10% of the company's revenue in fiscal year 2025. The company notes that general risk does not prove a new outage will occur. https://www.sec.gov/Archives/edgar/data/80420/000008042025000152/powl-20250930.htm

A news scan found the headline about an incident collection failure with 0 reports on the dynamic page from September 20, but a cached query from September 10 showed 53 reports. There is no current primary confirmation of today's headline attack, and it is explicitly unknown why this information is missing. https://www.ukmto.org/recent-incidents

A news scan found the headline for the latest OFAC notice for FRO R92000, which was listed on September 18 and read on September 20. This notice is about the expiration or removal of certain items related to Ethiopia and a contingent sale or maintenance authorization for Lukoil, which is a Russian company, under the General License 131J. The notice does not establish a blanket prohibition on immediate shipping. A separate action related to Iran, which was announced on September 17, concerns a digital exchange and should not be counted as a vessel removal. https://ofac.treasury.gov/recent-actions/20260918

A news scan found the headline 'FRO R92000 charter coverage decay and distinct page vintages'. This appears to be a note about a company's financial model. The model was presented on September 17 and showed earnings for August 28. The model predicted 4066 and 27836 total for the next 12 months, with specific numbers for Q3 2026 and Q3 2027. The model also showed financial numbers of 6.80, 10.35, and 13.91 for different scenarios. The company's fleet had 728 orders and 2799 total fleet, which is 26.0 percent, and this is different from the first half of the year, which was 25.4 percent. Some pages in the presentation were from September 15 and September 14, but this does not mean the entire presentation is old. https://www.frontlineplc.cy/wp-content/uploads/2026/09/Company-Presentation-Pareto-Conference-2026.pdf

A news scan found the headline about FRO R92000 ex-date raw versus adjusted audit. The raw price of FRO on September 17 was 54.03 and on September 18 was 51.42, which yields a -4.83065 percent price change, and a +1.48066 percent change including the declared 3.41. The API shows that all prior prices were 50.66, which yields a +1.50020 percent change, and an implied adjustment of 3.37, which differs from the declared adjustment. This difference is due to historical adjustment convention and rounding, and is not evidence of a selloff. A fresh query was made for the period ending September 20 and September 19, with 2693 rows of data for each, showing both raw and adjusted prices. https://runway.adityaperswal.workers.dev/data/stock-bars

The issuer of FRO announced on September 11 that it has completed the sale of two vessels. As a result, a special dividend of $0.80 and an ordinary dividend of $2.61 have been declared. The New York Stock Exchange is expected to start trading the stock without the dividend, known as ex-dividend, on September 18, and the payment is expected to be made around September 28. A news scan found the update on September 20. The new purchaser of the stock after the ex-dividend date will not be entitled to the dividend. This information comes directly from the issuer, which is the closest source, but it is not independent confirmation, similar to a deck of information. https://www.frontlineplc.cy/fro-declares-special-one-time-dividend-after-sale-of-two-vllcs/

A news scan found the headline about GRAL R91908 FDA coverage limitation. On September 19, a web table was empty and dynamic, with no exhaustive PDUFA calendar obtained. An existing advisory meeting for Galleria is scheduled for September 23, which is outside of the September 21-22 period and is not an approval deadline. There is no assertion that the next two sessions will have no FDA decisions. https://www.fda.gov/advisory-committees/advisory-committee-calendar

The issuer of MLKN has scheduled a results call for September 22 at 8:30 ET. This information will provide useful context for costs and orders, but it is not a signal to enter a trade. Abivax has also announced its H1 2026 financial results for September 21, which can be verified at https://ir.abivax.com/events/event-details/h1-2026-financial-results/. This calendar of events is limited and does not cover the entire market. https://news.millerknoll.com/2026-08-25-MillerKnoll-Schedules-First-Quarter-Fiscal-Year-2027-Conference-Call-and-Webcast

A news scan found the headline for the macro calendar for Monday and Tuesday. On Monday, the Household Spending report from the SCE will be released at 11:00 ET, which is 15:00 UTC. On Tuesday, the Philadelphia Fed will release its non-manufacturing report at 8:30 ET, which is 12:30 UTC, and the Richmond Fed will release its manufacturing report at 10:00 ET, which is 14:00 UTC. These are calendar events, not forecast surprises, so it is necessary to reverify the regional agency reports if there are any changes. https://www.newyorkfed.org/research/calendars/i-sep26.html

A diagnostic test for LPG, a stock symbol, showed the following results: it had 1003 bars of data, a return percentage of 94.80270110050772, and a buy and hold percentage of 310.15514809590974. The maximum drawdown percentage was 11.303419169166652, the win rate was 38.55421686746988, and the average trade percentage was 0.88851390251286, based on a sample of 83. This data was generated by a node using a backtest script with parameters including symbols FRO, STNG, and LPG, a breakout strategy, a lookback of 20, 1460 days, a stop percentage of 10, and a target percentage of 30. The engine used was same-close, with no explicit cost or holdout, and not using the ATR model. https://runway.adityaperswal.workers.dev/data/stock-bars

A diagnostic test was run on the stock symbol STNG. The test looked at 1003 pieces of data and found that the return percentage was 25.884680902991207. This is a measure of how much the stock value changed, shown as a percentage. For comparison, simply buying and holding the stock would have given a return percentage of 99.47368421052632. The maximum drawdown percentage, which is the biggest drop in value during the test, was 12.083747320555076. The win rate, or how often the stock value went up, was 37.5. The average trade percentage, which is the average amount the stock value changed when it did go up or down, was 0.36705897622107525. This was based on a sample of 72 trades. A news scan found the command line instruction: node /app/agent/dist/backtest.js --symbols FRO,STNG,LPG --strategy breakout --lookback20 --days1460 --stop-pct10 --target-pct30. This means the computer was told to test a strategy called breakout on the stocks FRO, STNG, and LPG, using the last 20 days of data and stopping if the stock value dropped by 10 percent or rose by 30 percent, over 1460 days. The test used the same closing price for buying and selling, did not account for costs, and did not use a specific model to measure volatility, called the ATR model. https://runway.adityaperswal.workers.dev/data/stock-bars

A diagnostic test for FRO, a stock symbol, was run with the following results: the return percentage was 2.652053868140203, the buy and hold percentage was 282.7688872348344, the maximum drawdown percentage was 29.209219354293793, the win rate was 32.53012048192771, and the average trade percentage was 0.10753408804242165, based on a sample of 83 trades and 1003 bars of data. A news scan found the command line instruction: node /app/agent/dist/backtest.js --symbols FRO,STNG,LPG --strategy breakout --lookback20 --days1460 --stop-pct10 --target-pct30, which means a computer program was run to test a trading strategy called breakout on the stocks FRO, STNG, and LPG, using a lookback period of 20 days over 1460 days, with a stop loss of 10 percent and a target gain of 30 percent, using the same close price and no explicit cost or holdout, and not using the ATR model, which is a measure of stock price volatility. https://runway.adityaperswal.workers.dev/data/stock-bars

A data scan found the following correlations between stocks: LPG, SPY, STNG, BWLP, and FRO. The correlations are as follows: LPG has a correlation of 1 with itself, 0.15849 with SPY, 0.57383 with STNG, 0.74201 with BWLP, and 0.60907 with FRO. SPY has a correlation of 1 with itself, 0.15849 with LPG, 0.07594 with STNG, 0.11889 with BWLP, and 0.14275 with FRO. STNG has a correlation of 1 with itself, 0.57383 with LPG, 0.07594 with SPY, 0.56911 with BWLP, and 0.70715 with FRO. BWLP has a correlation of 1 with itself, 0.74201 with LPG, 0.11889 with SPY, 0.56911 with STNG, and 0.59406 with FRO. FRO has a correlation of 1 with itself, 0.60907 with LPG, 0.14275 with SPY, 0.70715 with STNG, and 0.59406 with BWLP. https://runway.adityaperswal.workers.dev/data/stock-bars

A simulation found the following results for different pools and block sizes: for the all pool with a block size of 5, the mean was 1.351614705883044, p_target was 0.30215, p_stop was 0.6822, p_time was 0.01565, p01 was -11.351030110684434, halfKellyWeight was 0.49, and oneShareP99Loss was 5.848377459804527. For the all pool with a block size of 10, the mean was 1.4769240750109107, p_target was 0.30415, p_stop was 0.67625, p_time was 0.0196, p01 was -10.715938678575176, halfKellyWeight was 0.5, and oneShareP99Loss was 5.521160072462155. For the last252 pool with a block size of 5, the mean was 7.048983723863435, p_target was 0.5063, p_stop was 0.4709, p_time was 0.0228, p01 was -8.396134990887994, halfKellyWeight was 0.5, and oneShareP99Loss was 4.325930435508695. For the last252 pool with a block size of 10, the mean was 6.6080459993708915, p_target was 0.4867, p_stop was 0.4861, p_time was 0.0272, p01 was -8.329699675532364, halfKellyWeight was 0.5, and oneShareP99Loss was 4.2917010486537395. For the 2026 pool with a block size of 5, the mean was 9.458240336056498, p_target was 0.6042, p_stop was 0.3885, p_time was 0.0073, p01 was -8.329699675532364, halfKellyWeight was 0.5, and oneShareP99Loss was 4.2917010486537395. For the 2026 pool with a block size of 10, the mean was 9.553602302996458, p_target was 0.60575, p_stop was 0.38375, p_time was 0.0105, p01 was -8.329699675532364, halfKellyWeight was 0.5, and oneShareP99Loss was 4.2917010486537395. https://runway.adityaperswal.workers.dev/data/stock-bars

A data scan found the following statistics for FRO R91908: the train period had 48 data points with a mean of -1.677963275004787, a confidence interval of -0.05365428927867493 to 0.023445425462510328, a win rate of 0.22916666666666666, an average win of 0.21953834505209244, an average loss of 0.08703632885338689, a half Kelly risk of 0, and a compounded return of -71.04953424090627. The holdout period had 11 data points with a mean of 0.06372373588194262, a confidence interval of -0.05751349193611702 to 0.06443973106728047, a win rate of 0.36363636363636365, an average win of 0.12563536668054182, an average loss of 0.07079026511073623, a half Kelly risk of 0.0025360588170994514, and a compounded return of -4.889544523268674. The recent period had 6 data points with a mean of 10.433152806523744, a confidence interval of -0.006295856834177198 to 0.21095768586645205, a win rate of 0.6666666666666666, an average win of 0.1940922758003641, an average loss of 0.07518996740501588, a half Kelly risk of 0.26876785187615826, and a compounded return of 72.86337084190751. https://runway.adityaperswal.workers.dev/data/stock-bars

A data line found the following values for FRO R91908 geometry: E is 51.42, S is 48.201, net3R is 61.90136811795983, risk is 3.4182444142499975, cost is 51.522878565000006, half_gap is 25.864279282500004, baseFCFyield, which is a company's free cash flow yield, is 0.2012835472578763, downFCFyield is 0.132244262932711, upFCFyield is 0.2705173084402956, FCF6multiple, which is a multiple of free cash flow over 6 years, is 62.1, FCF5multiple, which is a multiple of free cash flow over 5 years, is 51.75, and netR6 is 3.057993151813137. https://runway.adityaperswal.workers.dev/data/stock-bars

A data scan found the following results for BWLP: the fund manager tested different settings for the automated trading system, which is also known as a parameter, and found the following results. The system was tested with a lookback period, which means the system looks at past data, of 20 and 40, and a stress test, which is a simulation of difficult market conditions, was also run. The results are as follows: for a lookback of 20 and no stress test, the return was 82.88717331315368 percent, the maximum drawdown, which is the biggest loss, was 19.32264223475223 percent, and the win rate, which is the percentage of successful trades, was 71.42857142857143 percent. For a lookback of 20 and a stress test, the return was 74.1416164512579 percent, the maximum drawdown was 19.885418243897092 percent, and the win rate was 71.42857142857143 percent. For a lookback of 40 and no stress test in the holdout period, which is a period of time used to test the system, the return was -2.9851669822482108 percent, the maximum drawdown was 20.731015038604706 percent, and the win rate was 25 percent. For a lookback of 40 and a stress test in the holdout period, the return was -5.6639355631783355 percent, the maximum drawdown was 21.833061269626274 percent, and the win rate was 25 percent. For a lookback of 40 and no stress test in the recent period, the return was 74.9563410358439 percent, the maximum drawdown was 10.368487114748504 percent, and the win rate was 71.42857142857143 percent. For a lookback of 40 and a stress test in the recent period, the return was 66.59003190022025 percent, the maximum drawdown was 11.329043774388525 percent, and the win rate was 57.14285714285714 percent. https://runway.adityaperswal.workers.dev/data/stock-bars

A data scan found the following results for BWLP: the system tested the stock with different parameters and got these results: for a lookback of 10 days during the holdout period without stress, the return was -26.38%, the drawdown was 36.58%, there were 10 trades, 20% of which were winning trades, the mean return was -2.64%, and there was 1 boundary. With stress, the return was -31.36%, the drawdown was 39.4%, there were 10 trades, 20% of which were winning trades, the mean return was -3.32%, and there was 1 boundary. For a lookback of 10 days during the recent period without stress, the return was 68.09%, the drawdown was 21.17%, there were 9 trades, 55.56% of which were winning trades, the mean return was 6.75%, and there was 1 boundary. With stress, the return was 57.83%, the drawdown was 21.72%, there were 9 trades, 55.56% of which were winning trades, the mean return was 6.00%, and there was 1 boundary. For a lookback of 20 days during the holdout period without stress, the return was -17.68%, the drawdown was 33.25%, there were 8 trades, 25% of which were winning trades, the mean return was -2.03%, and there was 1 boundary. With stress, the return was -22.16%, the drawdown was 35.77%, there were 8 trades, 25% of which were winning trades, the mean return was -2.71%, and there was 1 boundary. https://runway.adityaperswal.workers.dev/data/stock-bars

A data scan found the following results for LPG: the system tested the stock with a lookback of 40 days in different periods. In the train period without stress, the return was 1.0569843722804648, the drawdown was 59.54944418991499, and the win rate was 27.500000000000004. In the train period with stress, the return was -23.62302197109484, the drawdown was 62.72825040373778, and the win rate was 27.500000000000004. In the holdout period without stress, the return was 3.2418501707594487, the drawdown was 25.92898355341027, and the win rate was 33.33333333333333. In the holdout period with stress, the return was -1.004557942901465, the drawdown was 26.958764426000638, and the win rate was 33.33333333333333. In the recent period without stress, the return was 57.728697563635876, the drawdown was 23.165080142786188, and the win rate was 66.66666666666666. In the recent period with stress, the return was 51.2412080428303, the drawdown was 23.701052697638836, and the win rate was 66.66666666666666. https://runway.adityaperswal.workers.dev/data/stock-bars

A data scan found the following results for LPG: the system tested the stock with a lookback of 20, which means it considered 20 previous trading days. The results are divided into three periods: train, holdout, and recent. For each period, the system tested two scenarios: one with stress, which means it considered the impact of extreme market conditions, and one without stress. The results for each scenario include the return, which is the percentage change in the stock's price, the maximum drawdown, which is the biggest decline in the stock's price, the number of trades, the win rate, which is the percentage of successful trades, and the mean return. The results are as follows: for the train period without stress, the return was -22.96%, the maximum drawdown was 80.31%, the number of trades was 49, the win rate was 26.53%, and the mean return was 0.44%. For the train period with stress, the return was -45.33%, the maximum drawdown was 84.81%, the number of trades was 49, the win rate was 26.53%, and the mean return was -0.26%. For the holdout period without stress, the return was -17.34%, the maximum drawdown was 41.27%, the number of trades was 9, the win rate was 22.22%, and the mean return was -1.41%. For the holdout period with stress, the return was -22.38%, the maximum drawdown was 43.29%, the number of trades was 9, the win rate was 22.22%, and the mean return was -2.10%. For the recent period without stress, the return was 68.66%, the maximum drawdown was 24.34%, the number of trades was 6, the win rate was 66.67%, and the mean return was 9.99%. For the recent period with stress, the return was 61.73%, the maximum drawdown was 24.87%, the number of trades was 6, the win rate was 66.67%, and the mean return was 9.22%. https://runway.adityaperswal.workers.dev/data/stock-bars