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Sounds kind of dirty, right? Actually, it's because of a clean visual that technical analysts use this term. Technical analysts like charts (hence their nickname of "chartists"), and they like to give certain patterns they see neat little names.
Such is the case with the double bottom, which looks on a chart like, well, a double bottom. Think of three mountains (on a chart reflecting a rise in values) separated by two valleys (representing dips in value). The troughs of the valleys, and the size of the first two peaks, are generally the same, so the chart looks like the letter 'W.' The appearance of those two valleys represents a double bottom.
So what? Well, if you're one of those folks who believes in the power of the charts, seeing a double bottom suggests a long-term trend is about to reverse. So, if a stock chart shows shares falling for several months, then seeing a double bottom, chances are good (according to the chartists) that the shares will rise. And vice versa.
But, beware: charts can be a great tool, but they're more art than science. Use any charts with caution.
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Thursday, March 27, 2008
FDA Probes Possible Link Between Merck's Singulair Allergy Drug and Suicide
Associated Press
WASHINGTON --The Food and Drug Administration said Thursday it is investigating a possible link between Merck's best-selling Singulair
and suicide.
FDA said it is reviewing reports of mood changes, suicidal behavior and suicide in patients who have
taken the popular allergy drug.
Merck has updated the drug's labeling four times in the past year to include information
on a range of side effects: tremors, anxiousness, depression and suicidal behavior.
FDA said it asked the Whitehouse,
N.J.-based company to dig deeper into its data on Singulair for more evidence of possible links to suicide. It could take
up to nine months before agency scientists can draw any conclusions, FDA said in a posting to its Web site.
Merck
officials stressed that FDA's inquiry is based on a small number of suicide reports and not clinical studies, which are used
to evaluate drug safety. The company said none of the 11,000 patients enrolled in 40 Singulair trials has committed suicide.
"We have no indication that anything about the mechanism of Singulair is consistent with these events," said George
Philip, director of research and product development. "But because suicide is a life-threatening event we thought it
was
important to provide this information in the product label."
Merck said it recently added reports of suicide to Singulair's
label, which already listed suicidal thinking and behavior as possible side effects.
With sales of $4.3 billion last
year, Singulair is used by millions of patients in the U.S, according to Merck. First approved in 1998, it's part of a class
of asthma and allergy drugs that includes AstraZeneca's Accolate and Critical Therapeutics's Zyflo.
FDA said it is
also reviewing reports of side effects with those drugs. Their labeling does not contain reports of suicide.
Shares
of Merck & Co. (MRK) Inc. fell 4 cents to $44.67 in midday trading.
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