I do not know the analyst that you speak of; however, I would not throw the towel on TA; in fact if you go back you will find that current levels were projected based on classical pattern analysis. The whole market moves to satisfy TA models for bears and bulls. Sector rotation; in favor out of favor, and the business cycle are all variables. The rest is red hearing.
One would have to read his column to ptoprtly get the gist of what he was saying, I am probably not explaining it right. Basically, he said that some technical indicators have not been behaving normally nor can one trust the reading due to the ban on shorting on 1000 companies, they have been skewed.
If he is talking about energy, real estate related businesses, and financials then I would agree as the bearish trend is in place even if we get a short term rebound. Regarding TA and since this is a JDSU board, then I will point you to May 1, 08, and June 26, 08 classical TA analysis projected continuation symmetrical triangle to current levels for JDSU. What people make of this information varies. Then, there was no ban on short selling or the high volatility seen recently. Current events are confirming to me the validity of TA signals as I believe that those levels would have been reached regardless of the catalyst. Remember, that TA is a continuous process and the close of each day can potentially offer a new signal (bearish or bullish). Hope that helps.