RE: DOUBLE BOTTOM ! $$$$$$ Maybe.
CAN close on Dec 15 was actualy lower than that of Nov 21 (albeit only slightly)
Most recent high on CAN was $1.50 (Dec 5). For confirmation of double bottom, I'd like to see a move well above old high into the $1.75 - 2.00 range (ie. a bounce off the 50d MA), which could be followed by some backing and filling down to a level no lower than say $1.50 - 1.60. This would provide the foundation for further moves higher (ie. $2+)
If, however, the stock simply rolls over from where it is today (down to $1.20 or lower), then really all we are witnessing is a continuation of 2011's downward spiral. A small rally in second half of Dec was inevitable given the easing in tax loss related selling, short covering and even some possible bargain hunting.
For what it's worth, I am also taking today's move in the S&P with a grain of salt. Many traders are still away. PM's are still being beaten up for the most part, which isn't exactly a sign all is good and well. Oil prices are on the move again, but possibly for all the wrong reasons. For weeks, the S&P has tried and failed to break above it's 200d MA. After posting last minute gains of 5% or so at the very end of the month, it closed 2011 right at it's 200d MA and basically unch'd for the year. Saved by the bell, I guess. Today, on the very first trading day of 2012 the S&P magically levitates without any resistance whatsover. We'll know in the coming days/weeks if today was another meaningless low volume head fake or if something truly concrete has been established in the EU (still doubtful IMHO) and that another face melting Helicopter Ben-QE induced ramp job (a la fall 2010) with some serious legs is underway.
GLTA in 2012.