text:
Comments about 'Second victim found of Murray trucker accused of keeping girl hostage for sex'
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So....what didn't he do? He'll probably walk in 10 years.
- 11:27 p.m. March 11, 2014
- Like (1)
- Report abuse
There will be a plea deal and he will be out
In a year!!
- 7:48 a.m. March 12, 2014
- Like
- Report abuse
Absolutely disgusting. May God bless the victims and may He provide the healing they need. I am now thankful for how public Elizabeth Smart's life has been. She provides a wonderful example of how healing is possible and how one can still live a productive life after horrendous events.
- 9:06 a.m. March 12, 2014
- Like (4)
- Report abuse
"Charging documents also noted that Vafeades has 'numerous domestic
related convictions from the 1980s and 1990s,' including a conviction for
domestic abuse assault in 2012 in Iowa."
All these previous charges, the incident in 2012 and the guy is STILL running around free in 2013 so he can do it again?
My sense of the "justice" system is that it, like the former "INS", the IRS, the NSA and practically every other alphabetic abbreviation in our government is in **serious** need of reform. Especially when people like Eric Holder is the acting Attorney General and, like his boss, President Obama, thinks so little of picking and choosing which laws to enforce and which to ignore....or actually denigrate.
This reformation must start with us, the voters. Please remember the next time you get a chance to do that.
- 10:09 a.m. March 12, 2014
- Like (10)
- Report abuse
What this man has done is disgusting and horrific. He should be punished for his crimes accordingly. But I am very disturbed by the cynical comments made here about the criminal justice system. How many people walk among us, convicted of domestic abuse crimes in the 80s and 90s, yet now fully functional and living productive lives. How are we able to discern which people will commit horrific crimes in the future and which will recognize the error of their ways and make a course correction? She we lock them all up for life to prevent the crimes that this man committed? When someone is convicted of a crime we can only mete out a punishment equal to the crime. We cannot anticipate the crimes that they will yet commit and punish them for those as well. Perhaps what is in need of reform is the sorry attitude of some who will not appreciate the complexity and difficulty inherent in our system of justice.
- 12:54 p.m. March 12, 2014
- Like (2)
- Report abuse
@ samhill: Yes, Obama and Holder are responsible for things that happened in
the 80's and 90's....
Your inability to discuss things without politicizing them reflects poorly on you and invalidates any reasonable suggestions you may have.
Get over your hatred of Obama and try to focus on the topic at hand.
- 10:22 a.m. March 13, 2014
- Like
- Report abuse
Article quote: "Vafeades' alleged trail of abuse ended Nov. 26 in Clay
County, Minn., where an alert trooper realized the female passenger in
Vafeades' semitrailer had a lifetime protection order issued against him in
1999 out of Florida."
So why did this teenager think it would be a good idea to go to work for a relative whom she had a lifetime restraining order against?
Whatever the case, this guy should be locked up and the key thrown away. If I were in charge, I'd have the 2 witnesses testify, plus other witnesses (like the person who noticed the bruising from the beatings on the adult woman), prove to the judge/jury that the child porn actually existed on his computer and then throw him in jail. No appeal allowed and life in jail.
- 2:33 p.m. March 13, 2014
- Like (1)
- Report abuse
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text:
145,853 Matches for Wilson from Texas, USA
Torrie A. Wilson 40 yrs, torrie11
Houston, TX | Boise, ID | Marina Del Rey, CA
Torrie Anne Wilson is 40 years old. She lives in Houston, TX, but has also spent time in Boise, ID; Marina Del Rey, CA; Tampa, FL and Eagle, ID. She is a 1993 graduate of Boise State University. Companies in which she has a work history include World Wrestling Entertainment, Wwe Diva, Athlete, Professional Wrestler, Diva, Adult Model, Baywatch, Fitness Competitor, Former Wwe Diva, Wcw Spring Stampede and Wcw Monday Nitro. Positions she has held include Model, Fashion Designer and Professional Athlete. Torrie loves listening to Rap, Metal, Hip-hop, Rock, Nickelback, Beyonce, Britney Spears, When I Have Time, Jonas Brothers, 3 Doors Down, Jennifer Lopez, Country And Rock, R&b, Kris Allen and Allison Iraheta. Torrie loves watching Television and One Tree Hill. Among her favorite films are Family Guy, The Titanic, The Mask, See No Evil and The Marine. Her favorite sports are Wrestling and Wwe. Some of Torrie's family members are Debra Wilson, Travis James Wilson and Travis James Wilson. On the web, Torrie goes by the aliases torrie11, TorrieWilson, TeamTorrieW, torriebestdiva and wweTorrieWils0n.What is PeekScore?
Travis M. Wilson 32 yrs
Strongsville, OH | Carrollton, TX
32-year-old Travis M Wilson lives in Strongsville, Ohio, but has also spent time in Carrollton, Texas. Travis has worked for Nfl, Dallas Cowboys, National Football League, Wide Receiver and Professional Football Player. Wendy Gail Wilson, Chuck R Wilson, John D Wilson, Charles Richard Wilson, Sharon D Wilson, Wendy Ann Wilson, Bobby Wilson, Wendy Ann Wilson, Charles Richard Wilson, Wendy Gail Wilson, John D Wilson, Chuck R Wilson, Sharon D Wilson and Bobby Wilson are in Travis's family.What is PeekScore?
Kyle Wilson, kwmarketing
Kyle Wilson lives in Southlake, TX. Some of his favorite music is by Neil Young, Stevie Ray Vaughan, Big & Rich and Johnny Lang. Scrubs, Saturday Night Live and 30 Rock are his favorite TV shows. Caddyshack, Groundhog Day and Dances With Wolves are some of the movies Kyle loves. On the web, Kyle goes by the alias kwmarketing.What is PeekScore?
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subset: commoncrawl


text:
The Leading eBooks Store Online
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A paperback edition of Constable's superlative account of changes in religious thought and institutions. more...


text:
VAMC Manchester, New Hampshire
Honoring America's Veterans with quality health care services, part of the largest integrated health care ...
Donate Online
Donating is a great way to make a difference for America's Veteran
Wheelchair Games
The VA and the Paralyzed Veterans of America are hosting the National Veterans Wheelchair Games.
June is PTSD Awareness Month
The National Center for PTSD invites you to Help Raise PTSD Awareness during the month of June to help those with PTSD. We encourage everyone to learn, connect, and share with others.
LEARN about PTSD
Take the mystery out of PTSD: learn what it is, who is affected, and how treatment can help. Find out if you or a loved one has PTSD, and discover ways to get help.
- Download Understanding PTSD and PTSD Treatment - a quick guide to the basics.
- View a series of short, animated videos that describe PTSD and what treatment is like.
- Take advantage of online tools that help manage PTSD symptoms with PTSD Coach Online and mobile apps.
- Hear from Veterans, family members and their providers at AboutFace.
Visit the National Center for PTSD website for more information.
CONNECT to resources that can help
Give support. Get support. You can make a difference today in someone's life. For many people, it can be hard to reach out for help. Read tips on how to overcome barriers to care, and know that there is support for family and friends too.
SHARE with others to spread the word
Spread the word and help raise awareness of PTSD and its effective treatments. Reach out to friends, family, and others in your community. We provide a variety of ideas and Promotional Materials to help you distribute information to your community or organize an event in June, including:
- PTSD Awareness flyers and posters to print and post
- PTSD educational materials to print and handout
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Let us know about your contributions to this cause. Complete the Raise PTSD Awareness Pledge (PDF) or email firstname.lastname@example.com.
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History of PTSD Awareness Month
In 2010, Congress established June 27 as PTSD Awareness Day following Senator Kent Conrad's efforts to designate a day of awareness as tribute to North Dakota Army National Guard SSgt. Joe Biel. SSgt. Biel suffered from PTSD after two tours of duty in Iraq and subsequently died by suicide. This tragic event emphasizes the need for everyone to work together to help those living with PTSD.
We now highlight the month of June as PTSD Awareness Month.
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All this week VA and the Paralyzed Veterans of America are hosting the National Veterans Wheelchair Games. Veterans will participate in 18 wheelchair sports events in Salt Lake City. Full Story
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text:
Nichole M. Christian, John H. Cushman Jr., Sherri Day, Sam Dillon, Neil A. Lewis, Robert Pear, Terry Pristin, Philip Shenon, Jacques Steinberg and Leslie Wayne contributed to this report.
Published: November 7, 2002
In Jennifer Granholm, the state's one-term attorney general, Democrats finally found a candidate strong enough to wrest the governor's mansion back after 12 years of Republican control. Ms. Granholm is also the first woman to be elected governor of the state.
The race was controlled from the outset by Mrs. Granholm, a Harvard Law School graduate with broad-based voter appeal, particularly among working women, African-Americans and voters under 30.
Her opponent, Lt. Gov. Dick Posthumus, hoped voters would focus on his record and Republican assertions that Ms. Granholm, 43, was secretly making patronage promises to politicians in Detroit in exchange for the support of the area's large black voting base. Mr. Posthumus, a Michigan native, also sought to paint Ms. Granholm as an outsider because she was born and raised in Canada.
But voters appeared to be captivated by Ms. Granholm's record on crime and her savvy, personal campaign style.
''This race was always hers to lose,'' said Edward Sarpolus, an independent pollster.
Mr. Sarpolus said voters also saw Ms. Granholm's election as a chance to rid the state of its ties to Gov. John Engler, who, after 12 years in office, did not seek re-election.
Senator Carl Levin, a Democrat who is chairman of the Senate Armed Services Committee, handily defeated the Republican, Andrew Raczkowski, for his fifth term.
100% reporting
Levin: 1,893,788 (61%)
Raczkowski: 1,184,548 (38%)
100% reporting
Granholm: 1,631,276 (51%)
Posthumus: 1,504,755 (47%)


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Community Notes
Every Monday thru July 11th the Lake Region Public Library hosts a "Monday Fun Day" at 1pm for younsters who have completed kindergarten thru 3rd grade. There will be games, stories, and crafts for your youngsters. The library will be closed on July 4th.
Congratulations Brian Edwards of Devils Lake
Winner of the 10-person ice house rental from Woodland Resort and food from Proz Lakeside!


text:
Dog park plans get final OK in San Juan
Plans for the Dr. Joe Cortese Dog Park in San Juan Capistrano won final approval from the City Council on Tuesday night, with councilman Derek Reeve voting against. .
The park, on the Northwest Open Space at 30291 Camino Capistrano, will feature play areas for large, midsize and small dogs, as well as picnic tables, benches and a disabled access ramp.
The park, named in memory of a popular local veterinarian known as "Dr. Fleas" who helped form the Capistrano Animal Rescue Effort, is partially funded by a donation from CARE.
The estimated construction cost is $188,618, to be funded by the San Juan Capistrano Open Space Foundation. The park is expected to be ready by 2013.
Also Tuesday, the Open Space Foundation received unanimous City Council approval for a site access license to allow construction to begin on a piece of eastern open space known as the Lemon Grove.
The foundation formed in 2009 to increase public access to San Juan's open spaces, which cover nearly half the city's area. The nonprofit group builds public amenities on open spaces, shouldering the majority of the cost.
Plans for the Lemon Grove, off Ortega Highway near La Pata Avenue, include a historical museum, a welcome center, parking spaces, trails, gardens, picnic tables, fences and equestrian facilities.
"This is an exciting time for us," Councilman Sam Allevato said. "I think it will be a great addition."
The city will waive development and permitting fees for the project, cover the cost of environmental review and permanently shoulder the responsibility for maintaining the property. The foundation also has asked the city to take responsibility for repairing a path across a creek on the property known as the Arizona Crossing.
Utilities Director Keith Van Der Maaten said the city has applied for a permit with the state Department of Fish and Game for streambed alterations and expects to hear back within 90 days.
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With less than 3 weeks to San Diego Comic-Con, some of the panel schedules are starting to be announced and I am already seeing a few I would like to attend. But as usual, the problem I find with Comic-Con is that there's always so much to see and do and never enough time.
Over at the San Diego Central Library, they're holding a bunch of panels like they did last year, and this time I've actually heard what's going on there before the con starts.
Continue reading


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EC Approves Bulgaria's Public Procurement Strategy 2014-2020
The European Commission has approved Bulgaria's newly adopted National Strategy for the Development of the Public Procurement Sector in 2014-2020.
In a letter to the Bulgarian authorities, the Directors-General of the Directorates-General for Internal Market and Services and Regional and Urban Policy of the EC welcomed the new strategy adopted on July 9, according to reports of the Bulgarian National Radio, citing the government's press office.
The heads of the two Directorates-General of the EC noted that Bulgaria was the first of the countries experiencing systemic problems to take structured and decisive actions to overcome them.
According to a media statement of the Bulgarian government, it is putting serious efforts into restoring the frozen payments under the EU operational programs "Environment" and "Regional Development".
The payments under the "Environment" Operational Program are to be restarted in a few weeks and the funding under the "Regional Development" Operational Program is to be unblocked in the autumn at the latest.
The Bulgarian economy received over BGN 1.6 B during the term in office of the current government under the Structural and Cohesion Funds.
- » Bulgaria's Deputy PM Predicts No Good Scenarios for EU after Brexit
- » Bulgaria Ready to Grant Citizenship to UK Expats - PM
- » Bulgaria's FM: No Apocalypse after Brexit
- » Brexit Raises Questions About Bulgaria's EU Chairmanship in 2018
- » UK's Brexit Vote Marks 'Bad Day for Europe', Bulgarian PM Borisov Says
- » UK's Brexit Vote 'Deeply Regrettable', Bulgarian President Says


text:
Foursquare © 2016 Lovingly made in NYC & SF
People tend to check in during these times:
Bosphorus Kebab
59 Old Brompton Road
"The kebabs are delicious. Great little place. Friendly service and did I mention delicious?"
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249 Kilburn High Rd
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Fast Food · £
76-78 Queensway
"Good wifi except you can't view some websites because of ads..."
Whiteleys Shopping Centre
151 Queensway
"There is an authentic Italian ice cream stall on the second floor. Very impressive flavours! I had dark chocolate and pistachio."
Kensington Gardens
Exhibition Rd
"A water drinking fountain in the heart of London, which is a gift from the Bulgarian community. A must see for every Bulgarian in London."
Queens Ice & Bowl
Bowling Alley
17 Queensway (Bayswater Rd)
"Love this place! My fav hang out place for sports!"
London Yummy
Created by misspuffy46 items • 3 followers
Created by Andreas R64 items • 14 followers
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Markets Stream gives you a single place to follow live updates of markets moves and commentary, plus relevant insight from the web and social media. Here's how it works.
(Photo: Getty Images)
By CHRISTOPHER WHITTALL
Investors reversed course on some of the most popular bets over the previous two sessions, as traders described a sense of calm returning to a market shaken by the U.K.'s vote last week to leave the European Union.
Stocks rose around the globe, led by the sectors that recently have been beaten down the most, such as banks. Demand for havens eased after two sessions of heady gains. The dollar pared its rise against the British pound . The price of oil, which had posted its biggest two-day percentage decline since February, recovered slightly.
"After you see two drastic days as you did, people start saying it's time to buy," said Frank Ingarra, head trader at NorthCoast Asset Management.
An expanded version of this article appears at WSJ.com
By Sue Chang
The list of top-paid executives in the U.S. banking industry offers few surprises, with one notable exception. The king of the compensation mountain doesn't work for the most famous nor the biggest bank, but for an institution that's little known on the national stage.
Kevin Cummings, chief executive of Investors Bancorp Inc. , beat bigwigs at more dominant players in the industry to be the top-earning bank CEO in 2015, according to an analysis by S&P Global Market Intelligence.
Cummings took home roughly $20 million in salary and bonus last year to edge out John Stumpf at Wells Fargo & Co. who received $19.3 million. Cummings saw his compensation package skyrocket 620% year-over-year after the regional institution in 2015 converted from a mutually held bank to a fully public company with a market capitalization of $3.4 billion, helping its stock surge 11% last year.
James Dimon of J.P. Morgan Chase & Co. was third with total $18.22 million in compensation while Richard Fairbank of Capital One Financial Corp. in fourth place earned $18.01 million. Citigroup Inc.'s Michael Corbat came in fifth with $14.60 million while Brian Moynihan of Bank of America Corp. made a few bucks less at $13.72 million.
CEOs at Bank of New York Mellon Corp. , Flagstar Bancorp Inc. , Northern Trust Corp. , and PNC Financial Services Group Inc. rounded out the remaining spots in the list.
S&P Global's data showed only three of the 10 chief executives on the list getting pay cuts in a year that witnessed the financial sector significantly underperform the broader market. Financial stocks fell 3.5% in 2015 and are down nearly 9% this year as banks struggle to boost profitability in a low interest rate environment. The S&P 500 slid 0.7% last year and fell 1.1% year to date.
The CEOs' multimillion compensation packages also highlight the gap in pay between those in the C-suite and the lowly bank employee toiling away in the front office. The average branch manager earned $54,820 a year while personal bankers made $35,937, according to PayScale.
By Joseph Adinolfi
Investors should prepare for the British pound to hit parity with the U.S. dollar by the end of the year or early in 2017, said at least one analyst—and should parity happen, it'll be a first.
After last week's surprise U.K. vote to exit the European Union trading bloc, sterling fell more than 12% against the dollar on Friday before trimming some of its unprecedented drop late in the U.S. trading day. On Tuesday, the pound was hovering at a roughly 30-year low at $1.3342.
The details of Britain's exit are murky, at best. Prime Minister David Cameron said he would leave the task of triggering Article 50 of the Lisbon Treaty—the untested clause that governs how countries could exit the bloc—to his successor. That raises questions of timing.
Brexit's Article 50: How 250 words could chart Britain's future
Also read:
5 ways to stop Brexit from happening
The article allows a country a maximum of two years to work out the details of an exit. But many say it could take the U.K. longer. Turmoil in the leadership of the U.K.'s two largest parties threatens to leave a political vacuum that could slow a possible resolution.
Unless these questions are answered and a clear path forward emerges, expect the pound to continue to weaken, said Shaun Osborne, chief currency strategist at Scotiabank.
"We think investors should be prepared for the risk of [pound] weakness extending quite significantly in the next few months, while uncertainty surrounding how the U.K. moves forward persists," Osborne said.
Here are Osborne's reasons to expect pound-dollar parity in the coming months:
Because the Brexit vote—and the pound's reaction—were unprecedented events, it's difficult to predict how the currency might trade in the coming months and years. But the currency does have a history of protracted adjustments following seismic events.
The moves that followed the pound's exit from the exchange-rate mechanism and the collapse of Lehman Brothers took months to unfold. Osborne illustrates this in the chart below:
The cloudy political and economic outlook could tip the U.K. into a recession as businesses delay hiring and capital spending.
Business investment fell at an annualized rate of 0.4% in the first quarter as companies awaited the outcome of the referendum. It is easy to imagine them waiting even longer now.
In the mid-1980s, the pound fell to its weakest level on record as the British economy lurched into a recession.
There appears to be little in the way of technical support to stop the currency from returning to those lows in the months ahead, Osborne said. A break below the $1.30 level—nearly where the U.K. currency is presently trading—could send the currency back to these all-time lows in the months ahead.
But not all analysts think the path to parity is unstoppable. While most market strategists see the pound weakening in the coming months, few expect such a dramatic move.
In the latest update to their forecasts, a team of currency strategists at Bank of America sees the pound ending the year at $1.30.
Economists at Capital Economics see it ending the year at $1.20.
Dave Cote, Honeywell International Inc.'s long-serving chairman and chief executive, will step down as CEO on March 31 but remain as executive chairman until April 2018, Honeywell said in a statement Tuesday. Cote has signed a five-year consulting and non-competition agreement with the company that will take effect after he retires as chairman. Chief Operating Officer Darius Adamczyk has been named to succeed Cote as CEO. Honeywell shares were mostly flat in after-hours trading.
By Anora Mahmudova
U.S. stocks rose for the first time in three sessions Tuesday, recovering some of their brutal losses seen in the aftermath of the U.K.'s vote to quit the European Union.
The Dow Jones Industrial Average, which over the past two sessions lost 900 points, jumped 269.48 points, or 1.6%, to 17,409.72. The broader S&P 500 index added 35.55 points, or 1.8% to 2,036.09, with all 10 main sectors finishing higher. Energy, financials and technology sectors lead the gains, rising more than 2%.
The Nasdaq Composite Index added 97.42 points, or 2.1%, to 4,691.87.
The gains come after a brutal, two-day rout in global equities that resulted in months of gains washed away following Britain's referendum to leave the EU, known as Brexit. Rattled investors feared that Brexit would destabilize the European trading bloc.
However, investors appeared to turn cautiously optimistic Tuesday.
"The selloff after Brexit is very similar to a selloff in 2011 when the U.S. credit rating was downgraded. We expect markets to recover just as they did five years ago," said Doug Cote, chief market strategist at Voya Investment Management.
Cote warned this isn't the end of volatility, however.
"Politics and markets are more intertwined in this crisis than any other crisis and it's hard to predict which way politics would go," Cote said.
Wall Street's 'fear gauge' on track for sharpest drop in 3 years post-Brexit
Despite the change in momentum for equities Tuesday, investors were cautious about the staying power of the early gains given the severity and swiftness of the recent slide, which pushed the Dow and the S&P 500 below their 200-day moving average—a key technical threshold that signals long-term downtrends and uptrends.
"The concern would be that this is just a 'dead cat bounce' and traders simply see this as another chance to sell. However, for now the outlook is a little more positive," said Richard Perry, analyst at Hantec Markets, in a note.
A "dead cat bounce" refers to a brief rebound in stocks after a substantial fall, usually followed by a continuation of the selloff.
Economic news: Market reaction to economic reports was largely muted. The U.S. economy's annual growth rate in the first quarter was raised again to 1.1% in line with expectations. However, the pace of growth was still one of the weakest performances in the past several years.
U.S. house prices rose 1.1% in April, according to a closely watched price gauge released Tuesday. Meanwhile, U.S. consumer confidence took a step higher in June — although the survey was taken before Britain's vote to leave the European Union.
Movers and shakers: Shares of energy companies jumped after a rebound in oil prices.
Southwestern Energy Company
surged 12%, Marathon Petrolem Corp and Marathon Oil Corp rose 8.4% and 8.2%, respectively.
Shares of biotech firm Endo International PLC soared 18% after the U.S. Patent and Trademark Office approved a patent on Vasostrict, its treatment for patients suffering from vasodilatory shock.
Meanwhile, bank shares rose sharply. Citigroup Inc. shares jumped 5.1%, JPMorgan Chase & Co climbed 3.3%.
Shares of Tesla Motors Inc. climbed 1.6%. SolarCity Corp. late Monday said it would form a two-person committee of independent board members to evaluate the electric-car maker's buyout offer for the solar panel company. Shares of SolarCity rose 5%.
Regulus Therapeutics Inc.
lost half of its value, diving 49% to $2.54, after the biopharmaceutical company late Monday said the Food and Drug Administration has placed its investigational new drug for the treatment of chronic hepatitis C virus infection on clinical hold.
LendingClub Corp.
rallied 7.2% after the fintech company said it'd eliminate almost 200 jobs.
Shares of ReachLocal Inc. soared 170% to $4.56 after Gannett Co. late Monday said it is buying the digital marketing company for $4.60 a share.
Other markets: European stock markets climbed across the board, with the Stoxx Europe 600 index gaining 2.4%.
The pound , which slumped to a 31-year low after the Brexit vote, regained some ground to trade at $1.336 on Tuesday.
Asia markets also rebounded after getting slammed in the wake of last week's Brexit vote.
Oil futures rallied, settling 3.3% higher at $47.85 a barrel, while gold eased back as investors moved out of assets considered havens. The ICE dollar index lost 0.6% to 95.916.
After two days of wild swings, currency markets steadied Tuesday as the pound and a host of emerging-market currencies rebounded against the dollar.
The U.K. currency gained 0.8% to $1.3341, compared with $1.3239 late Monday in New York, rebounding after a wrenching few days of trading that saw a 12% plunge in the value of sterling. Standard & Poor's and Fitch Ratings each cut their credit ratings for the U.K. on Monday. Despite the modest rally, the U.K. currency remains near 1985 lows.
Read: Here's how the weak pound could wreck the U.K.'s economy
The currency remained higher after U.K. Labour Party leader Jeremy Corbyn lost a confidence vote, making his position appear untenable and exacerbating the political uncertainties that have worried investors in recent days.
An influx of liquidity helped calm price movements as dealers who restricted trading after the results of Thursday's vote showed a likely victory for the "leave" camp returned to the market, said Craig Wiffen, managing director of currency at Peregrine & Black.
But many predict that the recovery to be short-lived as investors focus on political turmoil in the U.K. and meetings between the European Union member countries about how a U.K. exit should be handled.
"It's a small return to normality, even if it's just for a day or two," Wiffen said.
Many market strategists have downgraded their forecasts for the sterling-dollar pair to reflect the results of the referendum. Capital Economics sees the pound finishing the year at $1.20.
British pound could hit history-making dollar parity by end of 2016
The euro advanced 0.4% to $1.1067 late Tuesday in New York, compared with $1.1020 late Monday. Though it remains down about 3.5% since the referendum results.
Also read:
Why Brexit crisis is a screaming buy for stock investors
The improved risk appetite also benefited a host of emerging-market currencies that sold off sharply as investors moved money into haven assets like the Japanese yen and Swiss franc after the Brexit results.
Leading gains was the South African rand , which saw some of the sharpest losses in the aftermath of the vote. The dollar shed 1.5% of its value against the African currency in recent trade, buying 15.17 rand late Tuesday in New York, compared with 15.41 rand late Monday.
A rebound in oil prices also supported the Russian ruble . Russia is one of the world's largest oil exporters, and moves in its currency are closely correlated with oil prices .
Matys said the rebound in these currencies could also prove short-lived.
"There's definitely some relief following the selloff on Friday and Monday," said Piotr Matys, emerging-markets currency strategist at Rabobank. "The question is whether it will prove sustainable. No one really knows how this whole process of the U.K. leaving the European Union will end."
The ICE U.S. Dollar index , a gauge of the dollar's value against a basket of six main rivals, shed 0.4% of its value to 96.1400 as the euro—the index's largest constituent—rebounded from its post-Brexit declines.
The expectation that the Federal Reserve will likely wait until next year to gauge the fallout from the referendum before raising interest rates again has helped sap the dollar of its strength, market strategists said.
The Fed-funds futures market, a popular venue for betting on Fed rate-hike expectations, is pricing in a higher likelihood of a rate cut than a hike at the central bank's next two meetings.
One notable exception to the broad-based dollar weakness was the yen, which rallied sharply after the vote. The dollar strengthened against the Japanese currency, buying ¥102.72 late Tuesday, compared with ¥101.90 late Monday.
A decline in a currency's value typically benefits an economy by making goods and services produced within it more competitive on the global market. But for the U.K., it could be too much of a good thing.
These benefits take time to materialize—companies can't ramp up exports overnight. And the U.K.'s overreliance on foreign money means that the drop in the pound could drag its economy into a recession in the coming quarters, long before the benefits can be seen, said Carl Weinberg, chief economist at High Frequency Economics.
The pound plummeted following the stunning result of Thursday's referendum, shedding 10% of its value on a trade-weighted basis. The currency most recently bought $1.3344, compared with $1.3218 late Monday.
If these losses hold up, the flight of capital out of the country would further expand the U.K.'s already-sizable current-account deficit. Weinberg estimated that the drop off in foreign-capital inflows could suppress growth by 0.7% next quarter, in the scenario.
Moreover, the drop in the pound could snowball into a crash as investors, spooked by the deterioration in the country's financial position, rush to pull money out of the country, worsening the problem and creating a nasty negative feedback effect, Weinberg said. A sharp reaction could intensify the slowdown in growth that Weinberg forecasts.
A current account measures the value of all goods and services, as well as capital and investment, flowing into, and out of, an economy. If a country runs a current-account deficit, that means its economy relies on foreign capital to expand. So, if those funds dry up, the economy could face a sharp contraction.
Last year, the U.K.'s current-account deficit rose to a record 7% of gross domestic product in the fourth quarter of 2015. When compared with other developed market economies, that's a massive figure. By comparison, the U.S. had a current-account deficit equal to 2.5% of GDP in the fourth quarter.
"Were the current account deficit not already at a record…this would be bad enough," Weinberg said in a note. "The incremental deterioration of the current account deficit to new records suggests investor skepticism about whether it can be financed at current exchange rates."
On Monday, Standard & Poor's Global Ratings cut the U.K.'s credit rating by two notches to AA from AAA. Fitch followed with a one-notch cut. The agencies cited the country's weak external financing position as a key reason for the cut. If foreign capital stops flowing into the U.K., it'll become more expensive for the government and corporations to fund their budget deficits.
To be sure, not everyone envisions such short-term pain. The weak pound could actually help Britain cuts its current-account deficit if it leads to a sharp increase in competitiveness for U.K.-based businesses, said Andrew Goodwin, lead U.K. economist at Oxford Economics.
"This may actually help us rebalance a bit," Goodwin said.
Goodwin points out that the pound had already weakened against the dollar and euro this year before the Brexit vote, meaning that U.K. exporters could start feeling the benefits of weaker sterling much sooner than others expect.
"The concern has been that the U.K., because it has such a large current-account deficit, is at the mercy of the kindness of strangers," Goodwin said. "But we think this may actually help us rebalance a little bit."
Yields on U.K.'s benchmark 10-year note, known as gilts, are down to 0.962% compared with 1.313% before the vote, a sign that foreign demand for U.K. assets remains fairly strong, he said. Yields move inversely to price.
Oxford Economics expects the pound to end the year at $1.26. It also sees the current-account deficit returning to 5% by the end of 2016, before dropping to just above 3% in 2017.
Shares of Nike Inc. skidded in Tuesday's extended session after the world's largest sportswear maker by sales posted flat quarterly earnings. Nike reported its fourth-quarter earnings fell 2% to $846 million from $865 million a year earlier due to a higher tax rate, gross margin decline, and an increase in expenses. On a per-share basis, earnings were unchanged at 49 cents a share. Revenue rose 6% to $8.24 billion. Analysts surveyed by FactSet had forecast the company to earn 48 cents a share on revenue of $8.28 billion. Nike shares dropped 6% after hours.
The dip in the Dow Jones Industrial Average and the S&P 500 index below their respective 200-day moving averages lasted just one day, as the broad stock market barometers bounced sharply back above them on Tuesday. The Dow closed up 269 points at 17,410 and the S&P 500 rose 1.8% to 2,036; meanwhile, the Dow's 200-day MA came in at 17,244 while the S&P 500′s was at 2,021. Many chart watchers use the 200-day MA as a dividing line between longer-term uptrends and downtrends. Prior to Tuesday's close below the 200-day MA, the Dow had last closed below it on March 10 and the S&P 500 had closed below it on March 15. The last time the S&P 500 closed below its 200-day MA for just one day, after spending at least the three prior months above it, was on Aug. 3, 2007; the index didn't close back below it for a week, but hit a short-term bottom about two weeks later. For the Dow, the last time was May 10, 2004; it was back below it within three sessions, and hit a short-term bottom about a week later.
By Mark DeCambre
Smooth sailing from here for stock investors?
Wall Street's so-called fear gauge seemed to imply that was the case on Tuesday, slipping back to its levels seen days ahead of U.K.'s stunning vote last week to exit the European Union roiled global markets.
Indeed, the CBOE Market Volatility Index , on Tuesday ended down 20% to 19.09, marking its lowest reading since June 21—two days before the U.K. vote to exit the EU, known as Brexit..It's the sharpest decline for the indicator since Oct. 16. 2013, according to FactSet data.
5 ways to stop Brexit from happening
The drop in the VIX—used in financial markets as a measure of fear or volatility—marks a two-day decline for the indicator, which dropped 7% on Monday even as the Dow Jones Industrial Average , S&P 500 index and Nasdaq Composite Index continued to tumble, contributing to the worst two-day stock rout ever. Global stock markets shed more than $3 trillion in value. Some market participants took that as a signal the worst of the ugly Brexit carnage was over.
On Tuesday, the climb in the VIX came as assets perceived as risky, like stocks and crude-oil futures, drew bidders and the Dow, S&P 500 and Nasdaq Composite posted their best one-day jump in four months.
Although the VIX is low on a comparative basis, investors and technical analysts tend to pay closer attention to the indicator when it climbs above 20. Friday's swoon resulted in the VIX logging its sharpest jump in nearly five years as fear gripped Wall Street traders who were uncertain about the implications of a Brexit. Among VIX-related funds, the exchange-traded VelocityShares Daily 2X VIX Short Term ETN was down about 23% and the Barclays Bank PLC iPath S&P 500 VIX Short-Term Futures ETN closed more than 10% lower.
To be sure, uncertainty reigns and the current bout of optimism could prover ephemeral. Former Federal Chairwoman Alan Greenspan last Friday referred to unfolding geopolitical events as just "the tip of the iceberg" and said the "global economy is in real serious trouble."
Much of that concern centers on Brexit.
Although the mechanism is in place for the U.K. to end its decadeslong EU membership, a lack of detail, given the unprecedented decision to leave the trade bloc and a deterioration in Britain's leadership, have stoked deep concerns about how a Brexit will play out and how it will affect an already sluggish eurozone economy.
Why Brexit is a screaming buy for stock investors
U.S. stocks on Tuesday rebounded to close higher as some of the initial shock over the U.K.'s decision to withdraw from the European Union receded. All 10 sectors in the S&P 500 closed higher, led by energy shares, while the tech-laden Nasdaq Composite had its best daily percentage gain since March 1. The S&P 500 gained 36 points, or 1.8%, to close at 2,036 and the Dow Jones Industrial Average rose 270 points, or 1.6%, to finish at 17,410. The Nasdaq rallied 97 points, or 2.1% to close at 4,692.
By Ellie Ismailidou
Treasury prices were under pressure Tuesday, lifting yields slightly higher, amid a rebound for assets perceived as risky like stocks and oil futures.
The reversal comes after a brutal two-day rout in global equities that resulted in months of gains washed away following Britain's referendum to leave the EU, known as Brexit. As stocks plunged, investors fled risk and bought government bonds, pushing yields to record lows.
Bond prices move in the opposite direction of yields.
Read: 3 ways Brexit is shaking up bond portfolios
On Tuesday, global equities staged a rebound while haven assets, like Treasurys and gold , retreated.
"[Government bonds] are weaker for the first day in many and some of the more beaten-down assets in the last few days are seeing some buying," said Aaron Kohli, interest-rate strategist at BMO Capital Markets, in a note.
But the rebound in risk assets appears "very half-hearted" and is "reminiscent of some profit-taking at current levels rather than a stronger conviction to buy," Kohli added. Furthermore, a bounce in risk assets and a selloff in Treasurys "also appears likely from purely technical and positioning-based measures," he said.
The yield on the benchmark 10-year Treasury note gained 0.2 basis point to 1.463%, still hovering near a four-year low. The yield on the two-year Treasury rose 0.8 basis point to 0.613%, while the 30-year yield fell 1.6 basis point to 2.264%, its lowest level since January 2015.
In Europe, the yield on the 10-year U.K. note gained 0.7 basis point to 0.962%, rebounding from an all-time low reached on Monday. But the yield on Germany's equivalent, known as the bund fell 0.5 basis point to negative 0.111%, a fresh record low.
Despite the rebound in risk assets, interest rates are expected to remain lower for longer while the Federal Reserve is on hold and the U.S. economy is stuck in neutral, said Ladenburg Thalmann Asset Management CEO Phil Blancato.
In the current economic conditions amid the global uncertainty "there is no reason for investors to star massively selling Treasurys," which means that yields should remain in the current range for a while, Blancato added.
On the U.S. economic front, the U.S. economy's annual growth rate in the first quarter was raised again to 1.1%, in line with expectations. However, the pace of growth was still one of the weakest in the past several years.
And U.S. consumer confidence took a step higher in June, but the reading was before Britain's vote to leave the EU. Meanwhile, U.S. house prices roared higher but there was a stark divide between cities.
Can the path toward Brexit set in motion last Friday be reversed? It's a question that many chagrined Britons and global market participants are pondering intensely after the outcome of an unprecedented referendum that has threatened to cleave the U.K. from the rest of the European Union after 40 years of membership.
The so-called Brexit, or British exit from the EU, marks uncharted territory for Britain and Europe. No country has left the EU since its inception as MarketWatch's London bureau chief, Karen Friar explains. Quitting the EU centers on Article 50 of the Lisbon Treaty, which sets forth a murky blueprint for giving up membership in the bloc. "Any member state may decide to withdraw from the union in accordance with its own constitutional requirements," the provision begins.
But there are a few maneuvers that could possibly result in Britain remaining a part of the EU, especially since June 23's referendum isn't legally binding. That means that the British government isn't obligated to follow through by ditching its EU membership.
Check out:
Opinion: After Brexit get ready for a 'Breturn' as Britain reverses course
To be sure, U.K. Prime Minister David Cameron on Monday said he planned on honoring the nearly 52% majority for Brexit in the referendum. He also reiterated that he planned on resigning to allow new leadership to take the next steps after his efforts to campaign for a "stay" vote failed.
"The decision must be accepted and the process of implementing the decision in the best way possible must now begin," Cameron told the House of Commons ahead of ahead of a meeting of EU leaders in Brussels on Tuesday.
But it isn't a lead-pipe cinch. The march toward Brexit could be reversed or diluted, experts say. Here are five possible scenarios:
The U.K. parliament could opt not to activate Article 50. That would mean that the government wouldn't notify the EU of its intent to withdraw. This is an unlikely scenario:
"Politically speaking, in a referendum where so many people have voted and there is a clear majority, it would be next to unthinkable that the parliament would go against the will of the people," Nikos Skoutaris, lecturer in European Union law at the University of East Anglia told MarketWatch.
Once Article 50 is put into motion, the U.K. and EU will be on a two-year timetable, unless an extension is approved, for breaking with the EU. A separate and parallel discussion could take place to renegotiate trade terms between the EU and the U.K., Kenneth Armstrong, professor of law at the University of Cambridge, told MarketWatch. Hammering out fresh trade terms could take several years.
This is seen as an even more unlikely outcome. But Scotland First Minister Nicola Sturgeon argues that the Scotland Act 1998 gives the country's semiautonomous parliament the authority to reject the U.K. vote (Scottish voters solidly favored remaining in the EU). Experts point out that this is an interpretation of the act and that as a sovereign nation, the U.K. should be able to do whatever it wants, including moving forward with Brexit, said Skoutaris.
"The Scottish Parliament can make things difficult, but legally it can't block Brexit," said Featherstone.
A complete economic shock that plays into the narrative espoused by the "remain" camp could potentially set in stage a process that would derail the move toward Brexit.
In this case, the vox populi could compel the government to rethink Brexit on the grounds that it could lead to a long-term destabilization of the U.K. economy. Worries about Britain's economy are certainly in focus. On Monday, ratings firm Standard & Poor's Global Ratings stripped the U.K. of its pristine AAA credit rating, citing "less predictable, stable, effective policy framework." Fitch Ratings also followed suit and downgraded Britain. And the British pound continued to free fall, tumbling to a 31-year low below $1.32 on Monday.
Partial or associate membership. The U.K. could strike a fresh deal with the EU that could reframe its relationship with Europe's trading bloc. Skoutaris says that this could look very similar to the reshaped relationships between the EU and Norway and Iceland. As an article in The Telegraph noted, the so-called Norwegian model "would fulfill many key Leave demands. Britain would be free of Brussels bureaucracy, and free from the stifling effects of the EU's Common Fisheries and Agricultural Policies. We would remain a participant in the single market, without any of the trappings of political union." By all practical purposes, this is still a Brexit. Although German Chancellor Angela Merkel has said that the U.K. shouldn't expect to "keep the privileges" of membership in the trade bloc without retaining the obligation of membership.
This is a variation on the previous scenario. The Financial Times's Gideon Rachman makes the case that the EU could make concessions to keep the U.K. in the EU warranting a second referendum. He draws parallels to referendums by Denmark, which voted to reject the Maastricht Treaty in the early 1990s and Ireland, which voted to reject the Nice treaty in 2001. Rachman also argues that one of the "leave" camp's most prominent personalities, Boris Johnson, has been campaigning for an exit as gambit toward grabbing the PM seat and may change his tune once he's won it.
A petition for a new referendum already has received millions of signatures, but at this point might be futile. That could change if the matter becomes more hotly debated. The U.K. government is in disarray with Cameron's resignation leaving the Conservative Party rudderless. And Jeremy Corbyn, the U.K.'s Labour Party head, lost a vote of confidence Tuesday. Meaning that his party rivals likely will seek to oust him.
Also Tuesday, some 35,000 Britons are expected to rally in Trafalgar Square in support of remaining an EU member despite the Brexit vote, according to reports.
Whatever, the outcome the markets likely are in store for a long and volatile slog. The Dow Jones Industrial Average has dropped nearly 900 points over the past two trading sessions and the S&P 500 index barely closed above 2,000, as the implications of Brexit continued to wreak havoc.
Brexit vote more political shock than financial, and that's important
"This is one of the biggest shocks of my life to see that there is a Brexit," said Skoutaris, who hales from Greece.
Global equity markets perked up on Tuesday, recovering somewhat from the worst-ever two-day rout in the aftermath of the U.K. vote to quit the European union, though damage done to banking shares may take a while to undo.
Even before the landmark referendum, dubbed Brexit, European banks were under pressure. The region's biggest bank, Deutsche Bank AG , had lost nearly two-thirds of its market capitalization since last August as investors fretted about its solvency.
Brexit won't cause financial crisis, Bernanke says
Deutsche, which reported a net loss of 6.8 billion euros ($7.5 billion) last year, has been dealing with regulatory investigations into its treatment of mortgage-backed securities in the U.S. and its practices in Russia, while earlier this year investors weren't sure whether it would pay coupons on its riskiest debt.
Regulatory filings on Tuesday showed that George Soros placed a multimillion-euro bet that Deutsche Bank's shares would fall after the Brexit vote, according to the Financial Times.
Soros looks set to make a killing on Brexit result
Deutsche shares rose 0.8% on Tuesday, but are still down 44% since January.
The Italian government, meanwhile, was considering a capital injection of around €40 billion for the country's banking system after shares of Italian lenders were hit hard in the wake of the Brexit vote, news reports said.
Investors dumped European banking shares in droves on Friday and Monday, with U.K. banks seeing up to third of their value erased. European banks also saw double-digit declines, with Italian and Spanish banks bearing the brunt of losses, leading to many downgrades.
Banco Popolare Societa Cooperativa , while up 1.8% on Tuesday, has lost more than two-thirds of its value since the start of the year.
The Brexit vote added to many existing problems for banking shares, according to analysts. Among them a likely decline in GDP growth and a possible recession in the U.K., further credit deterioration, the likelihood of interest rates remaining lower for longer and a potential downgrade in London's status as arguably the world's premier financial center.
Why Brexit could 'kill' London as a top financial hub
Meanwhile, market participants are pricing in a roughly 10-basis-point cut by the Bank of England in two weeks to the main lending rate, according to Sam Hill, senior U.K. economist at RBC Capital Markets.
Low interest rates make it harder for banks to make money through lending.
Goldman Sachs estimated that European banks' net income in 2016-2018 will be €32 billion less, while U.K. banks' net income will drop €10 billion, according to a research note issues on Tuesday.
Key drivers for the downgrade are "a weaker revenue outlook (lower volumes, revenue margins), increased credit risk and broadly flat costs."
Analysts at Goldman Sachs noted UK banks to be affected the most while banks in the so-called Benelux countries (Belgium, the Netherlands and Luxembourg) and Nordic institutions "stand to be impacted least."
Goldman Sachs downgraded Barclays PLC , citing "operations risk due to passporting".
Analysts at J.P. Morgan downgraded Lloyds Banking Group and Barclays PLC to neutral from overweight and cut Royal Bank of Scotland to underweight from neutral after cutting estimates for earnings.
"European [investment banks] are to be avoided considering our inability to assess short-term counterparty, liquidity, and market gapping risk, but also structural uncertainty such as the risk of losing EU 'passporting', which would lead to net additional staff and costs for [investment banks]." the analysts said in a Tuesday note.
J.P. Morgan also downgraded Deutsche Bank to neutral from overweight and Swiss banks, UBS Group and Credit Suisse Group to underweight from neutral. The risk of Swiss franc appreciation was behind their downgrade of earnings estimates for Swiss banks.
While banking shares rebounded along with broader equity markets on Tuesday, some market watchers were unconvinced the rally would prove sustainable.
"Given that the UK's bank rate is already at a historical low of 0.50%, an attempt to lower rates will of course erode the profit margins," said Ipek Ozkardeskaya, senior market analyst at London Capital Group, in a note.
"On the other hand, the U.K. banks will also bump into regulatory and compliance issues, which also could generate additional costs in the next couple of quarters and weigh on banking sector profitability. It is therefore too early to think that the rally in the banking sector could be a sustainable one," Ozkardeskaya added.
Naeem Aslam, chief market analyst at ThinkForex, was also pessimistic about a rebound in banking shares.
"Some investors may look to increase their short position in this dead cat bounce. We have a lot of ambiguity and there are too many unknown variables in this equation," Aslam said in a note to clients.
By Myra P. Saefong
Oil futures finished higher for the first time in three sessions on Tuesday, rebounding from a Brexit-fueled selloff that sent crude futures to a seven-week low on concerns of a slowdown in the global economy.
The threat of a union strike by Norwegian oil-and-gas workers and weakness in the U.S. dollar also provided support to prices.
Natural-gas prices, meanwhile, got a weather-related boost, with volatility tied to expiration of the July futures contracts, which rallied by more than 7%, helping to exacerbate the move.
August West Texas Intermediate crude climbed $1.52, or 3.3%, to settle at $47.85 a barrel on the New York Mercantile Exchange, while August Brent crude gained $1.42, or 3%, to $48.58 a barrel.
On Monday, WTI crude settled at its lowest level in more than a week, while Brent finished at its worst level in about seven weeks as investors dumped energy as part of a wider global selloff in the wake of the unexpected U.K. vote last week to leave the European Union, dubbed Brexit.
10 hard-hit stocks to buy after the Brexit bomb
Markets stabilized a bit on Tuesday, with the pound stopping its slide, and European stocks and U.S. equities posting firm gains.
"These markets had been severely oversold, so a bounce was overdue anyway, while hopes have also risen about the prospects of a more coordinated central bank response to support the financial markets," said Fawad Razaqzada, technical analyst at Forex.com.
The ICE U.S. Dollar Index also fell 0.3%, offering a boost to dollar-denominated oil.
"An easing in [U.S. dollar] strength is serving to buoy the all-important commodities space while some cautious optimism is creeping back into the new trading week," said analysts at Accendo Markets in a note.
"Expect economists' outlooks over the coming days and weeks to dictate the direction of oil, however, a longer term slowdown in demand is seen as unlikely," they added.
In the U.S., data showed that consumer confidence took a step higher in June, though the figures covered a time before the Brexit vote.
Oil supply issues also factored into Tuesday trading as up to 7,500 oil-and-gas workers in Norway, which is one of Europe's major producers, may be affected by a strike starting Saturday. The workers are demanding a new wage deal before midnight July 1, The Wall Street Journal reported.
The American Petroleum Institute will release weekly data on U.S. petroleum supplies late Tuesday, while the Energy Information Administration will release its weekly report early Wednesday.
Analysts surveyed by S&P Global Platts expect to see a fall of 2.4 million barrels in crude-oil inventories, along with declines of 600,000 for gasoline supplies and 1 million barrels for distillates, which include heating oil.
On Nymex, July gasoline tacked on 3.3 cents, or 2.3%, to $1.51 a gallon and July heating oil added 4.2 cents, or 2.9%, to $1.471 a gallon.
Natural-gas futures rallied, with the July contract for natural gas , which expired at the settlement, jumping 20.1 cents, or 7.4%, to $2.917 per million British thermal units. That was the highest settlement since August 2015, according to data from Dow Jones.
The new front-month contract August natural gas tacked on 14.9 cents, or 5.4%, to $2.89.
"We are seeing predictions for record heat in July at a time when U.S. natural-gas production is falling," said Phil Flynn, senior market analyst at Price Futures Group.
"The market is getting concerned about the ability of natural-gas producers to meet what should be record natural-gas demand in a few weeks," he said. "For the first time in history, because of the retirement of many coal plants, natural gas is the main power generation source." Read more about what's propelling natural-gas futures higher.
By Michael Ashbaugh
Editor's Note: This is a free edition of The Technical Indicator, a daily MarketWatch subscriber newsletter. To get this column each market day, click here.
Technically speaking, the U.S. benchmarks have violated major support amid the Brexit aftermath, raising the flag to a bearish shift.
Perhaps most notably, the S&P 500 Index has breached a line in the sand at the 2,040 mark, also venturing under the 200-day moving average, currently 2,021. The charts below add color:
Before detailing the U.S. markets' wider view, the S&P 500's hourly chart highlights the past two weeks.
As illustrated, the S&P has violated major support, plunging to the 2,000 mark.
In the process, it's violated the 200-day moving average, currently 2,021.4. First resistance matches the 200-day, and is followed by more significant overhead at the 2,040 mark.
Conversely, this week's low closely matches the 1,993 support.
Similarly, the Dow Jones Industrial Average has plunged to three-month lows, undercutting the 200-day moving average, currently 17,244.
It's thus far maintained major support — Dow 17,125 — an area better illustrated on the daily chart. The Dow closed Monday at 17,140.
Meanwhile, the Nasdaq Composite has fallen off a cliff, reaching four-month lows.
Near-term resistance rests at 4,665, and is followed by the May low of 4,678 (not illustrated), and the top of the gap, slightly under the 4,700 mark.
More broadly, the index is traversing less-charted territory, better illustrated below.
Widening the view to six months adds perspective.
On this wider view, the Nasdaq has broken down technically, resolving a double top defined by the April and June peaks.
Notable overhead broadly spans from the May low of 4,678 to the 4,714 resistance. The Nasdaq closed last week at 4,708 amid the immediate Brexit aftermath.
A nearly immediate reversal higher would mark technical progress, and an early step toward stabilization.
Looking elsewhere, the Dow Jones Industrial Average has plunged nearly 900 points from the June peak.
In the process, it's violated the 200-day moving average, currently 17,244, while thus far maintaining the 17,125 support. The Dow closed Monday 15 points higher.
From current levels, the 200-day moving average remains an inflection point — and is in play early Tuesday — while the Dow's first notable overhead spans from 17,425 to 17,435. These levels match the 2015 close, and the May closing low, respectively.
Meanwhile, the S&P 500 Index has plunged from major resistance matching the June peak of 2,120.
To reiterate, the S&P's 200-day moving average currently rests at 2,021, and is followed by significant overhead matching the 2,040 mark.
Broadly speaking, the Brexit-fueled downdraft has inflicted material technical damage, partly detailed above.
Beyond the headline U.S. benchmarks, consider the small- and mid-caps:
Starting with the small-caps, the iShares Russell 2000 ETF has violated its major moving averages amid consecutive daily volume spikes.
The 200-day moving average, currently 110.85, closely matches first resistance, and a close higher would mark technical progress
Conversely, notable support matches the May low of 107.99. A violation would mark a lower low, more firmly signaling a bearish trend shift.
Meanwhile, the SPDR S&P MidCap 400 has plunged to its 200-day moving average, currently 256.90, amid a volume spike.
More broadly, the small- and mid-caps remain comparably stronger than the widely-tracked U.S. benchmarks, though the directionally sharp strong-volume downdrafts are a concern.
Looking elsewhere, the SPDR Trust S&P 500 has violated its 200-day moving average, currently 202.17, and edged under major support at the 200 mark.
The initial downdraft was fueled by its strongest daily volume since August.
Separately, the downturn has been internally aggressive, fueled by an 11-to-1 down day, and a nearly 7-to-1 down day on the NYSE. (A "down day" means that declining volume surpassed advancing volume by the given margin.)
So collectively, the late-June downdraft has been broadly-based, directionally sharp and internally aggressive.
Tactically, two S&P 500 inflection points stand out:
Initial S&P resistance matching the 200-day moving average, currently 2,021.
More important resistance at the S&P's breakdown point, matching the 2,040 mark.
Looking ahead, a swift reversal atop resistance — the 2,040 area — would place the S&P on firmer technical ground, stabilizing its backdrop.
But based on today's technicals, the S&P 500's backdrop supports a bearish view pending repairs. An extended basing period may be required before the next durable leg higher.
The charts below detail names that are technically well positioned. These are radar screen names — sectors or stocks poised to move in the near term. For the original comments on the stocks below, see The Technical Indicator Library.
Initially profiled June 6, and revisited June 13, the 10-year Treasury note yield has extended its downturn, plunging amid a Brexit-fueled flight to safety.
In the process, it's reached nearly four-year lows, its lowest levels since August 2012.
First resistance rests at 1.587 (the bottom of the gap), and is followed by firmer overhead at the 1.685 breakdown point. An eventual close higher would place the brakes on bearish momentum.
Conversely, the yield's record low, established July 2012, rests at 1.394, not distant from this week's low of 1.45.
More broadly, the yield has confirmed its downtrend, and its longer-term bias remains firmly bearish.
Looking elsewhere, the iShares Europe ETF has broken down technically.
As illustrated, the shares have staged a two-day, 13% plunge, reaching their worst levels since August 2012.
Though near-term extended, and due a corrective bounce, an extended basing period is likely due before the next sustainable leg higher. Gap resistance rests at 37, and a close higher would mark an early step toward stabilization.
Returning to the U.S., consider the traditional sector leaders' backdrop — the transports, financials and technology sector.
To start, the iShares Transportation Average ETF has extended its downdraft, plunging to four-month lows from the major moving averages.
The breakdown point (133.90) pivots to resistance, and a nearly immediate reversal higher would place the brakes on bearish momentum. The transports' first retest would be expected to draw sellers.
Similarly, the Financial Select Sector SPDR has extended its downdraft, reaching its worst levels since late February.
Initial resistance spans from 21.78 to 22.00, and a close higher would mark a first step toward stabilization. This area is followed by additional overhead matching last week's breakdown point, circa 22.60.
Moving to the technology sector, the PowerShares QQQ ETF has plunged to four-month lows.
Technically, the downturn resolves a double top — the M formation — defined by the April and June peaks. The breakdown point (104.50) pivots to resistance, and the group's backdrop supports a bearish view barring a nearly immediate reversal higher.
Conversely, the gold miners and utilities remain familiar sector bright spots.
To start, the Utilities Select Sector SPDR remains resilient amid persistent sovereign-yield weakness. As interest rates fall, the group's 3.3% dividend yield looks comparably attractive.
Technically, the group has sustained a break to record territory, closely observing gap support matching the breakout point.
Meanwhile, the VanEck Vectors Gold Miners ETF has extended to nearly two-year highs.
Though near-term extended, the group remains attractive on a pullback. First support rests at 26.40, and is followed by a deeper floor around 24.80, closely matching the 50-day moving average.
The GDX was initially profiled Feb. 5, and has returned 58.7%.
The table below includes names recently profiled in The Technical Indicator that remain well positioned. For the original comments, see The Technical Indicator Library.
By Carla Mozee
Stocks in Europe climbed by the most in a week Tuesday, getting a break after two back-to-back selloffs sparked by the U.K.'s Brexit vote.
The Stoxx Europe 600 bounced up 2.6% to 316.70, the best performance since June 20, FactSet data showed, as all sectors were in the green.
In the financial group , Italian bank stocks rose after reports that the Italian government is looking at adding €40 billion ($44 billion) to the country's financial system. The country's officials are seeking ways to protect the system in the wake of the U.K.'s vote to leave the European Union last week.
Shares of Unione di Banche Italiane SpA drove up 9%, Mediobanca SpA gained 5.8%, Banca Popolare di Milano added 5.6% and Intesa Sanpaolo SpA picked up 4.8%.
The Stoxx 600 on Monday tumbled 4.1% to a fourth-month low, a second straight slide after Thursday's Brexit referendum.
In London on Tuesday, the FTSE 100 tacked on 2.6% to end at 6,140.39, while the midcap FTSE 250 added 3.6% to close at 15,503.06.
The outlook for U.K. midcaps looks gloomy
Still, after the "savage two-day Brexit rout," there is "still no obvious reason to buy stocks in a big way, given a lack of clarity over Britain's future relationship with Europe, and this could be an example of short-covering," said Lee Wild, head of equity strategy at Interactive Investor, in a note.
"What is certain is that markets will remain super-volatile for some time, driven by events in Westminster and Brussels," he added, noting that U.K. Prime Minister David Cameron is meeting EU leaders at a two-day summit starting Tuesday.
Global equity markets lost a record $3.01 trillion in the two sessions after the U.K.'s EU referendum, according to Howard Silverblatt, senior index analyst at S&P Global.
Indexes: The gains in Italian banks helped push the FTSE MIB up 3.3% to 15,601.62.
Germany's DAX 30 gained 1.9% to 9,447.28. There, Volkswagen AG ended 2.6% higher. The German automaker was expected to announce measures valued at up to $15 billion aimed at resolving its emissions-cheating scandal in the U.S.
France's CAC 40 moved 2.6% higher to end at 4,088.85, and Spain's IBEX 35 advanced 2.5% to 7,835.00. Ireland's ISEQ finished up 2.8% at 5,446.45.
The euro was buying $1.1062, up from $1.013 late Monday in New York.
Meanwhile, the pound fell below $1.33 late Tuesday in London as the head of the U.K. opposition party, Jeremy Corbyn, refused to resign his post after losing a vote of confidence the party's lawmakers.
Sterling was buying $1.3286 on Tuesday. It hit a fresh 31-year low on Monday at $1.3197.
Data: French consumer confidence dropped less than expected in June, according to statistics agency Insee.
By Howard Gold
On Friday investors awoke to the stunning news that the British people had voted to leave the European Union. It was a shock to betting markets, complacent pundits and Wall Street gurus and a real blow to a half-century's worth of increased European integration and globalization.
It also pummeled the markets, lopping $3 trillion off people's portfolios and making Friday and Monday the biggest two-day loss ever for global stock investors, according to Howard Silverblatt, senior index analyst at S&P Dow Jones Indices.
The Dow Jones Industrial Average finished Monday nearly 900 points off Thursday's close, and the S&P 500 dropped more than a hundred points from its near-record close Thursday. Gold has rallied big time, and so have 10-year Treasury notes, whose yield dropped to 1.46% Monday, within a hair of its 2012 record low.
So, has Brexit brought on a bear market? Not so fast.
Considering everything that happened, Friday and Monday's selling looked pretty orderly to me. Yes, there was some panic, but nowhere near like there was after the collapse of Lehman Brothers in September 2008, when fear of financial collapse was rife — and justified — and the global economy nearly ground to a halt.
European stocks were hit hardest — and I mean continental European markets like Spain and Italy, but not the U.K., whose FTSE 100 sold off slightly more than U.S. markets did.
Investors dutifully took out and shot the sectors that would be Brexit's biggest victims — banks, airlines, British homebuilders. That made sense, as market participants need to recalculate appropriate valuations for industries whose earnings are most likely to be hit by a Brexit.
But stocks rallied Tuesday (along with crude oil, which had dropped from its $50-a-barrel recent price), and the CBOE Volatilty Index settled down a bit as markets advanced. The much-feared VIX got as high as 26 — roughly where it hit during February's mini-panic — before retreating.
So, a semblance of calm has returned as people realize the U.K. and the EU will have to sort out the details while Great Britain works its way through its own messy politics over this issue. That means months of uncertainty and volatility, rather than a Lehman or 1987-like stock market crash.
Meanwhile, central banks have moved to reassure the markets, and the much-criticized reforms of Dodd-Frank and Basel III have forced giant banks to jettison risky investments and hold more capital. That has greatly reduced the likelihood of contagion, and investors know it.
And now, after all the brouhaha, the Dow and the S&P 500 are less than 5% below their all-time highs. The S&P 500 would have to fall another 200 points, or 10%, before even getting to its February lows — and that represented only a 15% correction from its all-time highs. It would have to drop to 1,700 to even meet the common definition of a bear market, i.e., a 20% decline from the top.
That strikes me as very unlikely, which also makes this column's own new year's prediction of a bear market look at best premature, and probably wrong.
But that doesn't mean clear sailing ahead. The chart below shows the S&P 500's struggles to match its all-time highs of last May.
The index has failed four or five times to break through to new highs, and that means what the technicians call overhead resistance is very strong. It's hard to envision the catalyst that will help stocks break through decisively, and please don't tell me about a "wall of worry," one of the buy-buy-buy side's great clichés.
The market has many problems. Over the next few months, Brexit may push the U.K. into a mild recession, slow already anemic global growth and, most of all, increase uncertainty among businesses that already are reluctant to hire or invest in new equipment.
Also, watch the Chinese yuan, which hit a five-year low during the Brexit mini-panic. It may fall more as China's growth prospects continue to slow.
So, Brexit won't be the end of civilization as we know it, and it likely won't be the beginning of a new bear market. But it adds more risk to markets that already have plenty and more trouble to a world of woes.
Howard R. Gold is a MarketWatch columnist and founder and editor of GoldenEgg Investing, which offers exclusive market commentary and simple, low-cost, low-risk retirement investing plans. Follow him on Twitter @howardrgold.
U.K. stocks pushed higher Tuesday, gaining after two sessions of heavy losses sparked by the country's vote to exit the European Union.
The FTSE 100 jumped 2.6% to 6,140.39, with just a handful of components in the red. Fresnillo PLC fell 2.3% and Randgold Resources PLC lost 0.9%. Shares of the miners had surged in recent sessions as investors sought safety in gold .
The midcap FTSE 250 index ended 3.6% higher at 15,503.06. That index, whose companies have significant exposure to the U.K. economy, had nearly £50 billon ($64 billion) wiped out from its market value in a post-Brexit rout from Friday through Tuesday, according to FactSet data.
The outlook for the FTSE 250 is still gloomy
On Monday, the FTSE 100 fell 1.1%, in a second straight selloff prompted by the result of the Brexit referendum held Thursday.
"Yes, we've seen three ratings downgrades for the U.K. overnight, but taking a glass-half-full perspective, this also means that just a little of the uncertainty is starting to ebb away," said Tony Cross, market analyst at Trustnet Direct, in a note.
Standard & Poor's Global Ratings stripped the U.K. of its triple-A credit rating on Monday, citing uncertainty tied to the "leave" vote. Fitch Ratings followed suit with its own cut to a double-A rating, while Moody's Investors Service had changed its outlook on the U.K.'s ratings to negative from stable on Friday.
A five-day winning streak on FTSE 100 before the referendum came to an abrupt halt Friday as the result of the vote came in. From Friday, the blue-chip benchmark lost 5.6% through the close of Tuesday's session, according to FactSet data.
The FTSE 250 index dropped 13.6% in the two trading sessions after the vote.
Movers: Financial stocks, which have been hammered on concerns about the sector's prospects in a Brexit world, led all sectors higher Tuesday. Among banks, Lloyds Banking Group PLC gained 7.4% and Barclays PLC rose 3.4%.
But shares of Royal Bank of Scotland Group PLC turned lower to close down 0.3%.
The U.K. government is delaying a plan to sell stakes in RBS and Lloyds in the wake of the Brexit vote, according to reports. At a time of elevated market volatility, it's difficult for the finance ministry to determine what value the sales could achieve for taxpayers, according to a Reuters report.
Brexit reversal: 5 ways to stop the U.K. from exiting EU
Brexit's Article 50: How 250 words could chart Britain's future
Insurer Prudential PLC rallied 7.7% and Legal & General Group PLC pushed up 7.9%. Legal & General said in a post-referendum update that it has a "strong regulatory capital balance sheet" that should prove resilient.
Real estate shares, which were slammed after the Brexit vote, showed signs of recovery Tuesday. Home builder Taylor Wimpey PLC added 5.4%, Barratt Developments PLC rose 7.5%, and Persimmon PLC picked up 2.6%.
Berkeley Group Holdings PLC tacked on 1.5% even as Goldman Sachs downgraded the home builder to sell from neutral. The downgrade was part of Goldman's post-Brexit-vote ratings adjustments in the European construction sector.
"For U.K. housing, we now expect new build volumes to fall 10% in 2017 (+7% previously) and U.K. house prices to fall by 2%/5% in 2016/17E," Goldman analysts said in a research report.
Carnival PLC shares slipped 0.2% after the cruise-ship operator projected current quarter earnings that were below analyst expectations. Carnival's U.S.-listed shares had surged after the company's earnings for the most recent quarter topped expectations.
Sterling: The pound late afternoon Tuesday in London fell below $1.33 as news that came in that Jeremy Corbyn, leader of the U.K. opposition Labour Party, lost a vote of confidence among party members. Corbyn in a statement said he won't resign his post.
Sterling was buying $1.3281 after hitting $1.3197 late Monday in New York, which marked a fresh 31-year low.
The U.K. is facing a leadership vacuum, after David Cameron said Friday he will resign as prime minister. The Conservative Party's leaders are aiming to have found a replacement for Cameron by Sept. 2, though Treasury chief George Osborne has declared himself out of the race.
Cameron was meeting other EU leaders in Brussels Tuesday for a Brexit summit.
British pound could hit history-making dollar parity by end of 2016
Embattled U.K. Labour Party leader Jeremy Corbyn has lost a vote of no-confidence by a wide margin, according to a report from Sky News. 172 MPs voted for the motion, Sky reported, while 40 voted against it. While the vote was nonbinding, it's likely that several of Corbyn's rivals will challenge him in a leadership contest. More than 40 Labour MPs on Corbyn's front bench and in his shadow cabinet have quit since the U.K. voted to leave the European Union in a historic referendum on Thursday. Disaffected MPs charge that Corbyn did little to bolster support for the "remain" vote. The British pound trimmed its gains slightly following the reports, buying $1.3310 in recent trade.


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