Estimated timings today - I'll be doing 2 stints of writing today, as I hardly got any sleep last night. Therefore the main report will be ready by noon, then I'll add some more bits late afternoon. Edit at 16:37 - today's report is now finished.


(I wrote this first bit late last night)

Good morning, it's Paul here, with the placeholder article for Tue morning.

This is partly to allow subscribers an early opportunity to post your thoughts about the 7am RNS.

Also, of course, in this time of market disruption, for you to all have a good old rant about anything (shares-related) that you want. I read all comments with interest. Community is really important at times like this.

I've closed almost all my hedges (short positions) now, because I think the 20-30% price fall is probably enough. So my focus is now on adding little positions to my small caps portfolio. Although I have to say, this crisis has really made me wonder (again!) about position sizing for small caps. After all, if you cannot get out, then risk:reward might be not so good.

I topped up these stocks yesterday (NOT recommendations, we have to do our own research);

Beeks Financial Cloud (LON:BKS) - I tried to buy 25k shares at 80p, but only got 10k. Had to up my price to 82p to get the balance.

Cloudcall (LON:CALL) - dropped sharply. My buy order was not filled at all.

Zytronic (LON:ZYT) - same. I didn't get a fill, nothing done - lack of sellers.

Altitude (LON:ALT) - complete punt, got 50k at 27.25p. Not convinced by mgt. At all. We'll see.

Revolution Bars (LON:RBG) - took me all day to get 50k shares at 50p. Half done, to work the balance. Again, no sellers to speak of.

Several others - put orders in, got nothing.

Overall, this gave me the feeling that small caps seemed to be bid-less and offer-less. In other words, existing holders have stopped or given up trying to sell, and buyers know there's no stock around. This feels to me like people sitting on the sidelines, waiting for a recovery, to buy, rather than a stampede of sellers.

After that, I just scanned my watchlist for signs of sellers. Then I gave buy…

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