Robert Hoffman's S&P500 Technical Analysis for August 12th, 2008

<i>"Technical Analysis is not snake oil. Everyone has there own views though. I like it and if you pay attention to pivot levels and support and resistance levels, that is what most futures traders trade off of. Just like sailing charts are for navigation not the end all be all."</i>

No one has ever really defined what "snake oil" is, guess it's one of those gray area things. As for people posting S/R measures in any aspect wherever they may, that is letter 'A' with twenty-five more letters needed to navigate the entire english language.

Posting tomorrow's S/R tonight is, at very most, 1/25th of what's needed to make money. Trade entry decisions, stop management and trade exits for winners and losers are at least the other 24/25ths of equation. Pointing out levels = warm & fuzzy feelings. Trading deftly around those levels for profit = cold, hard cash.

If the guys make live-market calls in real time or better yet, post trade blotters (that include time & sales of fills or some proof more than a meager snippet showing $$ alone) then they may know what to do with "their levels".
 
Quote from SusanaDT:

Smells like snake oil waiting to happen.

Step 1 - Build a viewer base
Step 2 - Keep growing
Step 3 - Get website in the works
Step 4 - Do some mentorships in the meantime to build capital for whats to come
Step 5 - Chat room

.....

Toodles,
Susana
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Oh, you forgot one...

6. Plant Shills on ET and other Forums to "pump" the "Guru"
 
Quote from austinp:

......If the guys.....post trade blotters (that include time & sales of fills or some proof more than a meager snippet showing $$ alone) then they may know what to do with "their levels".
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I agree with this statement...until then, they are Snake-Oil salesmen until proven otherwise....

Anyone, can come up with a dozen different levels that the market is bound to hit one of them and reverse at....it's a Bullshit slight-of-hand...
 
How could he miss this positive divergence in the weekly chart of ES is amazing, he missed one of the strongest signal in technical analysis a weekly MACD divergence.

All he has these sheep doing is looking for shorts. When all you need to do now is buy the dips.
 

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Quote from Aaron Copland:

With so many support and resistance levels its hard to be wrong.
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Really? I am sure most of the losers on here couldnt trade off levels even if they were the exact high and low points of the day.

I dont know know this Hoffman guy is but he has a lot of critics who I am sure have never even seen what he is saying and this thread is starting to resemble a chinese whisper.

Next thing you know he will have been responsible for the invasion of Georgia (the one just near Turkey on the Black Sea for the Yanks ) and the fall of BSC. People on here just love putting people down I think it makes them feel better about themselves which is very sad.
 
Quote from Bogan7:

Really? I am sure most of the losers on here couldnt trade off levels even if they were the exact high and low points of the day.

I dont know know this Hoffman guy is but he has a lot of critics who I am sure have never even seen what he is saying and this thread is starting to resemble a chinese whisper.

Next thing you know he will have been responsible for the invasion of Georgia (the one just near Turkey on the Black Sea for the Yanks ) and the fall of BSC. People on here just love putting people down I think it makes them feel better about themselves which is very sad.
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Until he post a daily P&L showing his own trades and how they correspond with his support and resistance levels he’s just another salesman.

Its not hard to post a snap shot of his trades, that would go along way.
 
Well some people deserve to be put down. Quacks find a following in a web forum where they could not find followers elsewhere.

Where would Jack hershey and spydertrader (cartoon character) be without internet forums? Marketsurfer got knocked down a notch by his own being a jerk. Some want a forum where no one complains about others being quacks to feed on the ones that are still babes in the woods. We all know tons of raw meat come to a trading forum looking for fame and fortune.

Charlatan posters come into a forum and look for a thread that has something of value for others to digest and infect that thread with their own dribble and before you can say BOO the thread is nothing but mud slinging. Did i mention Jack Hershey? Spydertrader? How long have those clowns been spewing out their paper trading rubbish?

Complainers if listened to would lead to a better forum by getting rid of the quacks so an intelligent discussion concerning REAL trading could occur.
 
As far as levels go I setup my own price action based levels every day and a break of these either way is a very consistant little earner for me.

Just out of meagre interest to all the naysayers out there how many levels are enough? I mean the S&P (as one example) can have 20+ point days. Also dont forget that not all levels are created equal and should be treated that way. Have to go work to do
 
Quote from bighog:


Complainers if listened to would lead to a better forum by getting rid of the quacks so an intelligebt discussion concerning REAL trading could occur.
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More like it resemble a bitter and twisted place where people could bitch and complain (but never trade as they have been hurt before) to like minded people sort of like the place where divorced middle aged women go to bag the whole male gender.

Now i have to go
 
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