• Report: #339746

Complaint Review: Steven Sarnoff, Steve Sarnoff, Options Hotline

  • Submitted: Thu, June 12, 2008
  • Updated: Fri, June 27, 2008

  • Reported By:Los Angeles California
Steven Sarnoff, Steve Sarnoff, Options Hotline
808 St. Paul Baltimore, Maryland U.S.A.

Steven Sarnoff, Options Hotline, Steve Sarnoff, False claims of 100% winning record since You Could Have Turned $5000 Into $1 million In Just Over 5 Years Frederick, Baltimore Maryland

*Consumer Suggestion: Why you are losing on trades

What's this?
What's this?
What's this?
Is this
Ripoff Report
About you?
Ripoff Report
A business' first
line of defense
on the Internet.
If your business is
willing to make a
commitment to
customer satisfaction
Click here now..

Does your business have a bad reputation?
Fix it the right way.
Corporate Advocacy Program™

SEO Reputation Management at its best!

Steve Sarnoff makes wild claims of "Turn $5000 into $1 million". Well, it's all hype, and I fell for it.

Here's the promo:

"Each week, I tell my readers to make just 1 investment buy. And since November of 2006, not one pick has lost value! It's no wonder our readers could have turned $5,000 into $1 million in just over 5 years! Now, we're quickly closing in on $2 million! Read on to find out how!"
- Steve Sarnoff, editor, Options Hotline

I've been seeing these promos for years, and decided to give it a shot. Everything in my following letter(s) is completely factual, unfortunately for me. Look these stocks up, Sarnoff was exactly wrong on each an every one.

Here is the newsletter he sends his subscribers. Please note the first 3 words of this one: "I've been wrong." Also note that each prediction is a loser, with "nominal value" another way of saying worthless.

OPTIONS HOTLINE
MIDWEEK OUTLOOK
808 St. Paul, Baltimore, MD 21202 Phone: 800-436-1295 Fax 410/454-0407 2008

http://www.agorafinancial.com/THE_PUBS/OHL/index.html

January 9, 2008

I've been wrong. Bears began the year in growling fashion, breaking some support, and grabbing the short-term advantage. Recession talk and worries over corporate profits have many investors spooked. The pros are stepping in to buy up bargains. Today's action looks like the start of a snapback rally. Will it be enough to restore our calls to health? A challenge of newly created resistance, from the recent decline, will be
the key to whether or not buyers regain the edge.

Open Option Positions Review

The SPY January $150 call (SYHAT) closed at a nominal value. Shares closed at $140.37, looking to rally from the $138.00-$142.00 support area. Below that, support is at $134.00-$135.00. Resistance is now at: $144.50-$146, $148.00-$153.00, $156.50, and $160.00-$165.00.

The Disney January $35 call (DISAG) closed at a nominal value. Shares closed at $30.16, looking to turn up from $25-$30 support. Resistance is now at $32-$36 and $40.

The Amgen January $60 call (YAAAL) closed at a nominal value. Shares closed at $47.65. Support is at $45-$46.78. Resistance is at: $48-$53.12, $56-$57.35, $60-$62.85 and $65-$68.

The Starbucks January $25 call (SQXAE) closed at a nominal value. Shares closed at $19.46, with support at $18-$19. Resistance is at: $20-$21,$22-$23.87 and $25-$28.

The Wal-Mart March $50 call (WMTCJ) closed at $105. Shares closed at $46.90, finding support. Resistance is at $48-$50. Above that, resistance is at $55-$62. Support is at $44-$47 and $40-$42.

The Alcoa April $40 call (AA DH) closed at $55. Shares closed at $31.25, looking to bounce back after a sharp decline. Resistance is now at: $34-$35, $37-$40, $45-$48, and $50-$53. Support is at $30-$32.

The Intel April $25 call (INQDE) closed at $100. Shares closed at $22.75, looking to recover. Resistance is at $24-$28 and $30-$33. Support is at $20-$22.25.

Steven Sarnoff, Editor

To log in to the website, please visit
http://www.agorafinancial.com/THE_PUBS/OHL/index.html and click on the Log
In button on the right hand side. Below is your permanent username and password:

This is the letter sent to Steve Sarnoff on January 9, 2008:

Dear Steve,
Since joining you in October, 2007, here's my record with you so far, as of yesterday, January 8, 2008 on your open positions.

Bought SPY January $150 call on 12/27 for $172, now $4.

Bought DIS January $35 call on 12/24 for $20, now $3.

Bought AMGN January $60 call on 10/16 for $224, now $1.

Bought SBUX January $25 call on 11/19 for $75, now $0.

Bought WMT March $50 call on 12/17 for $154, now $8.

Bought AA April $40 call on 12/07 for $210, now $45.

Bought INTC April $25 call on 12/07 for $305, now $86.

I realize that I bought the Disney and Alcoa call options late, but still, they haven't worked out.

What has happened here? I subscribed after reading the promo literature that told me that you hadn't had a losing trade since 2002? I've lost thousands of dollars on these positions. Please advise. I came to you because you had so many winners, and have played each trade as you have instructed. I never expected each position to win, but all of our open January positions have lost and are losing. I anxiously await your reply.

Sincerely,
John

I received no response. Here is the letter I sent on January 13, 2008:

Dear Steve,

Please refund my money and cancel my subscription.

Since joining you on October 10, 2007, here's my record with you so far, as of January 8, 2008 on your open positions.

Bought SPY January $150 call on 12/27 for $172, now $4.

Bought DIS January $35 call on 12/24 for $20, now $3.

Bought AMGN January $60 call on 10/16 for $224, now $1.

Bought SBUX January $25 call on 11/19 for $75, now $0.

Bought WMT March $50 call on 12/17 for $154, now $8.

Bought AA April $40 call on 12/07 for $210, now $45.

Bought INTC April $25 call on 12/07 for $305, now $86.

I realize that I bought the Disney and Alcoa call options late, but still, they haven't worked out.
What has happened here? I subscribed after reading the promo literature that told me that you hadn't had a losing trade since 2002?

I've lost thousands of dollars on these positions. Please cancel my subscription and give me a refund. I came to you because you had so many winners, and have played each trade as you have instructed. I never expected each position to win, but all of our open January positions have lost. I anxiously await your reply. Please refund my money and cancel my subscription.

Sincerely,
John

Still no response. I called, asked for, and received a refund. No response from Steve Sarnoff, although he claims to read email.

John
Los Angeles, California
U.S.A.

This report was posted on Ripoff Report on 06/12/2008 03:31 PM and is a permanent record located here: http://www.ripoffreport.com/r/Steven-Sarnoff-Steve-Sarnoff-Options-Hotline/Baltimore-Maryland-21202/Steven-Sarnoff-Options-Hotline-Steve-Sarnoff-False-claims-of-100-winning-record-since-339746. The posting time indicated is Arizona local time. Arizona does not observe daylight savings so the post time may be Mountain or Pacific depending on the time of year.

Ripoff Report has an exclusive license to this report. It may not be copied without the written permission of Ripoff Report.

Click Here to read other Ripoff Reports on Steven Sarnoff, Steve Sarnoff, Options Hotline

Search for additional reports

If you would like to see more Rip-off Reports on this company/individual, search here:

Search Tips
Report & Rebuttal
Respond to this report!
What's this?
Also a victim?
What's this?
Repair Your Reputation!
What's this?
REBUTTALS & REPLIES:
0Author 1Consumer 0Employee/Owner
Updates & Rebuttals

#1 Consumer Suggestion

Why you are losing on trades

AUTHOR: Fred C. Habrut - (U.S.A.)

I am also a subscriber to Options-Hotline. I have done VERY WELL. There are several things you are doing wrong. In all fairness to you, Steve does a poor job of explaining how to use the info he provides. Most trades are very good however. You should use a 20% trailing stop on every trade. Why would you ever let a trade go to the levels shown? Are you aware that options decay with time? Last Oct. one of his suggestions made me 233% in less than a week! I got out when the trailing stop triggered. Today, that option has expired and worth ZERO. You can't hold these trades forever.

I suggest you paper trade for a while. Try using thinkorswim.com as a broker. Using proper methods, you will indeed do well. I thikl Steve needs to get his act together on how to use his data better. However, in most cases, he gives great suggestions.
Respond to this report!
What's this?
Report & Rebuttal
Respond to this report!
What's this?
Also a victim?
What's this?
Repair Your Reputation!
What's this?
X