I think some (basic, robust) TA is valid, but only as part of a broader cognisance of what's going on in the market (one pillar out of three, the others being fundamentals and what I've always liked to call 'context', which is a kind of catch all for positioning, sentiment, structural oddities etc).
The problem, going back to the OP, is that for the non institutional trader, TA is the one pillar that sees them on something better approaching (but not, it must be said, necessarily truly replicating) a level playing field with the large institutions.
Anyone can find a chart and conduct some half assed, lazy T.A. but to me thats like saying you're doing the same thing as David Beckham if you run around Hackney Marshes on a sunday wheezing and booting a football twenty feet up in the air shouting 'Ave It!!!' and on a wednesday evening once a week you turn up for 'training' which consists of an hour in a sports hall dribbling round some cones followed by a quick pint in the local talking 'tactics' with your mates. Doesn't mean you're doing the other things that he does - i.e. methodically researched, minutely planned training, and scientifically based, personally tailored health, rehabilitation and nutrition, it's just that the bit where you boot the football around is the accessible bit that anyone with a football, some mates and a couple of jumpers can replicate. The rest takes infrastructure and time / resources commitment, so most people don't engage in it.
That said even at the top level, where there are people in investment banks paid serious sums just to specialise in TA research etc, there is some proper rubbish written.
Someone recently sent me something talking about a 'Hindenburg Omen'. I'd never heard of it so I looked it up. The Wikipedia entry on it made me laugh out loud. Insane stuff for a well respected firm to be putting out. Thought I'd share with the group.....
http://en.wikipedia.org/wiki/Hindenburg_Omen
