Markets rebounding

Techs are leading the way on a general rebound in those stocks and some strong earnings expectations. The industrials and utilities are up 3.5% and 3% respectively. Software stocks are also strong. The usual suspects are leading the tech bounce. Nortel and BCE are doing the heavy lifting, with bigger bounces in stocks such as JDS Uniphase, Certicom, Sierra Wireless and Ballard Power.

The Trimark story continues to drive up the fund company stocks. Trimark is up another 5% on heavy volume of 1 million shares to $24. Although it remains below the rumoured $26 takeout price.

The downside is being led by gold, as investors flee from quality once again into techs. Cable stocks are down, too. But otherwise the tone is mostly positive.

Seagram is dragging down the media stocks, off 2.5%. It is the only loser with much downward momentum behind it. Other big caps, such as Inco, Thomson, Great-West Lifeco. and General Motors, are sliding but the volume is low.

The tone is pretty positive in New York today, too, absent any meaningful economic data, which is due out toward the end of the week. The Dow Jones industrial average is up about 65 points to 10971. NASDAQ is the strength of the market, up 141 points to 3623. The Standard & Poor’s is along for the ride, up 27 points to 1457.

The Canadian Venture Exchange is joining the bounce, although the volume there remains scant and the bounce is more of a little hop. The CDNX index has gained 15 points at midday to 3587. Volume is a mere 13.6 million shares. Techs are leading the way, joined by miners but not energy plays. Justinian Explorations Ltd. is the hottest trade, although it has moved just 500,000 shares at 8¢ apiece, up 33%.