Markets are sliding a little today, as the weak U.S. jobs report sobers up recently ebullient traders. At midday, the TSE 300 is down 12.5 points to 7601. Volume is light today at 83 million shares, with sellers holding a slight edge. Losers marginally outnumber winners.

Techs are sliding today, as are mining, golds, media stocks and energy plays. There’s some strength in merchandisers, transports and software.

Nortel Networks is slipping today, although it is holding onto most of its recent gains. It is down less than 1% on about 8.7 million shares. It is joined on the downside by Celestica, JDS Uniphase, Mosaid, Microcell, Bell Canada International and Angiotech. On the upside, ATI, Pivotal, Hummingbird and Descartes Systems are all making gains. Lorus and Cryocath are up as well.

Other losers include Co-Steel, Canadian Natural Resources, Manulife, Air Canada, Cott, Four Seasons and Gildan. Basically, anything that has made gains recently is sliding a little today.

Bombardier is also down on active volume, despite news that it was awarded a contract by the Italian Railways to supply 100 electric locomotives. The contract is valued at approximately $280 million.

Abitibi, Jean Coutu and fund companies, Investors and CI are both up about 3%.

In M & A news, Aastra Technologies reports that it has completed its acquisition of Ericsson’s cable modem business.

Reitmans reports that it earned $7.5 million in the third quarter, compared to $5.9 million last year. Operating earnings increased 51% to $9.15 million compared to $6.08 million for the period last year.

In New York, the weak employment scenario is hitting harder, as traders fear a longer, stronger recession. The Dow is down 69 points to 10030. Nasdaq is off 32 ticks to 2023. The S & P has dropped 10 points to 1157.

The CDNX is the only index making gains, up 22 points to 3145. Volume is heavy at 19.4 million shares. Techs are leading he way higher, up 2%. Miners and oils are up a bit too. ZAQ Inc is the top trader, gaining 69% to 22¢ on almost 1.8 million shares.