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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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Friday, April 11, 2008
UPDATE 1-Argentine farmers upbeat after government talks
Reuters
April 11, 2008-- (Writes through with end of meeting)
By Nicolas Misculin
BUENOS AIRES (Reuters) - Argentine farm leaders expressed optimism following talks with President Cristina Fernandez Friday, a week after lifting a 21-day strike that disrupted grains exports and emptied meat counters.
The strike, which the farmers suspended on April 2, was staged against a tax hike on soy exports from the country -- the world's No. 3 soybean supplier and its leading exporter of soyoil and soymeal.
Friday's talks marked the start of negotiations since farmers declared a 30-day truce to negotiate with officials, who have announced a package of measures, including tax rebates for small farmers.
Leaders of the country's four farm associations said the first meeting with the president was positive, and that a series of issues -- including the export taxes -- would be discussed in detail Monday.
"It was a meeting in which sincerity reigned, and it was positive," Mario Llambias, president of the CRA association, told a news conference. "We hope we'll find solutions."
The farming leaders said they did not plan to break their truce and that both sides had agreed on the need for clearer agricultural policies to boost production of beef and dairy products.
A key demand of the farmers is that the government scrap the new system of variable-rate export duties, which raises the levy on soy and sunflower products at current global prices.
Government officials have ruled that out. "We're definitely not thinking about it," Cabinet Chief Alberto Fernandez said earlier Friday.
In a speech before the talks began at the presidential palace, President Fernandez defended the export taxes as a way to redistribute wealth in a country where nearly a quarter of the population lives in poverty. (Additional reporting by Helen Popper; Editing by Marguerita Choy)
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