The bulls and bears are brawling to a draw once again today, amid a lack of market moving news. The S&P/TSX composite index is up just three points to 7,629.

Volume is improved a bit today, with 142.1 million shares changing hands. The buying is about double the selling volume, but market breadth gives losers a slight edge over winners.

Gains continue in the tech area, up 1%, although not as strongly as yesterday. There are also gains in the health care sector and in diversifieds. On the downside, there is weakness in real estate, energy and telecoms.

Nortel continues to make gains, up another 1.3% today, on hopes that economic recovery will drive its profits higher in coming months. Volume remains quite hefty at 25.9 million shares. Other techs making big gains include a 16% rally in Tundra Semi, and strength in Infowave Software, and Hip Interactive.

There are also solid gains in blue chips such as Alcan, Bombardier, and Barrick Gold.

Nikos Resources is up 6% on news that it is buying Bangladeshi natural gas fields from ChevronTexaco.

There are big rallies in Spectra Premium Industries, Canico Resources, Southwestern Resources, Dimethaid Research, and Genum Corp.

However, there is weakness surrounding income funds on news that PricewaterhouseCoopers LLP has begun a review of the structure of KCP Income Fund, after backing off from its role with another fund. The whole sector is taking a beating on the news, with KCP down 5%. There is also busy selling in Great Lakes Carbon Income Fund, ACS Media, Heating Oil, Energy Savings, NCE Petrofund, and Specialty Foods.

Other losers include Miramar Mining, EnCana, Placer Dome, CDI and Shaw Communications. Molson is down 0.4%, and is denying a report that the company is for sale.

In other business news, Sico Inc has unveiled a plan to optimize its manufacturing, distribution and customer service infrastructure. The plan will be fully implemented by April 2004, and will involve a net reduction of 65 jobs. Four properties will be put up for sale, some of which are already under negotiation with potential buyers. The firm will take a pre-tax charge of nearly $5 million, consisting primarily of asset write-offs and severance payments, against the 2003 results. However, it expects to save $3 million annually as a result.

On the earnings front, Sceptre Investment Counsel reported that it earned $930,000 in the third quarter.

ConjuChem has entered into a bought deal with a syndicate of underwriters led by Orion Securities Inc., and including Sprott Securities Inc. and BMO Nesbitt Burns Inc. for a $21,663,000 offering.

Van Houtte has received approval from the Toronto Stock Exchange to renew its 3% buyback.

In New York, stocks also look pretty dormant, absent any real news outside of the size of NYSE chairman Dick Grasso’s pay package. The Dow Jones industrial average is up just 11 points to 9,579, after opening lower.. Nasdaq has added three ticks to 1,890. The S&P 500 is up a point to 1031.

The S&P/TSX Venture index is up four points to 1,373. Volume remains robust at 34.3 million shares. Trading is led by Vigil Health Solutions, which is flat with 2.85 million shares traded.