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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, July 03, 2008
Former Refco CEO Gets 16 Years for Cover-Up
FOXBusiness
A judge has sentenced the former chief executive of Refco Inc. to 16 years in prison for a financial cover-up that brought down one of the world's largest commodities brokerages. Phillip Bennett, a British citizen living in Gladstone, N.J., had previously pleaded guilty to conspiracy to commit securities fraud and other charges.
Refco went public in August 2005. It filed for bankruptcy just weeks later -- after disclosing that a $430 million debt owed to Refco by a firm controlled by Bennett had been concealed.
The disclosure caused Refco's stock value to plummet.
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