I have been on this board for over a year and a half and I have never seen a market call be off by so much in such a short period of time. Money8maker, aka the board dunce, predicted on Thursday evening that the market would close on Friday (the next day) at between 1330 and 1340. As you all know, the S&P 500 actually closed at 1278 on Friday meaning that his call was off by between 52 and 62 S&P 500 points. Wow, that is an epic fail. By the way, his "enjoy" comment at the end of his post sounds a lot like what abvincent (another dunce) used to say at the end of his messages. Here is the call in all of its epic glory:
"1330-1340 Tomorrow 31-May-12 03:47 pm
Hourly chart and associated indicators have just confirmed to me there is an 80% chance we jump thru 1330 and as high as 1340 tomorrow.
1330ish would be a good time to put your hedges on to protect long positions.
I'll be in 40% cash, 50% long and 10% hedged overnight.
Everyone lnows your Mr. Homosexual plashadpobedy;, stop acting like you actually trade. Yoyr 2nd id only talks to you while you bash everyone with your homosexual come ons. #$%$
Market calls should be if then statements. If this breaks we go here, if this holds we go there........
The tell tale sign that the pig was done was quite easy to see. The SPY has been falling ever since 139.69 was lost with many many confirmations that the highs were in.
138.05 was lost, 137.19 was lost, 136.81 was lost, 135.20 was lost, 133.12 was lost and then 132.76 was taken out.
Then the gap down under 129.66. That was the punch in the face that knocked it out.
Then we got to the level of 128.31 which is what I was looking for anyway.
Now we will see, do they see how much has been washed out? Do they poke their heads up over each MAJOR level? Or do they drop further. But no matter what, any time you buy some thing that is considered to be A HIGH then you are a sucker.
Many suckers on this board for sure did not see the signs.
Then I guess even multiple bad calls doesn't make someone a bad trader. I thinks its fair to say that much has been established as fact.
I know I usually go for the throat but that's not my intention. Just that this person expressed something reasonable but was being thrashed because the market went the other way.
I personally don't even care if a trader loses money all of the time. If they've got enough discipline in thought then they are OK in my book. A trader who makes thing up as they go along is never ok, profit or not.
please excuse my stinky dare eaire
but Tom, you were short thru-out the rally
and then went long at SPX 1400+
and then have the audacity to give this person the dunce of the week award ?
Nevermind, I figured it out.
You,having earned the dunce of the quarter award
are certainly qualified to hand out the miniscule weekly or daily dunce awards.
and great job !
I don't mean to be splitting hairs but you expressed that he was always wrong and provided a single example.
I remember when he expressed his analysis and while I disagreed with his market direction (and stated that on the day he posted) his analysis was fine. Not at all based on rigged markets, manipulation, coin shop economics, or imaginative fantasies with no basis in reality.
That more or less makes him more respectable then 90% of these forum posters who disguise their method in pretending to be an idiot or are genuinely idiots.