Good morning, it’s Paul here with the SCVR for Weds. This post is initially a “placeholder” – i.e. just an introduction, put up at 7am, so that readers can add your comments below, whilst I spend the rest of the morning amp; early afternoon writing up the main sections. It’s Budget Day today in the UK, which starts at around 12:30. Estimated timings – I’ll need to get the main report done by 12:30, so that we can then focus on what the Chancellor, Rishi Sunak, has been told to say by Dominic Cummings!Update at 12:30 – today’s report is now finished. Volatility continues, with another huge rally in the US markets last night, which has almost completely dissipated in the futures overnight. I went on a shopping spree yesterday, buying smallish new long positions in small caps, and increasing my existing small cap positions, but then got cold feet last night and decided to re-open my short on the Dow, as a hedge. Probably like everyone else, I really haven’t got the foggiest idea where markets are heading. It seems to me that the headlines now are far worse than I’d been expecting – e.g. talk…
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