Stocks are trading in a tight range today ahead of an expected rate cut in the United States.

Markets opened modestly down this morning, and have bounced modestly since. At midday, the TSE 300 is up 29 points to 6,828.

Volume is slim at 62 million shares, with buying slightly outrunning selling. Winners are edging losers, too.

The sectors are pretty evenly divided as well. Energy stocks are up, as are biotechs and pipelines. Utilities and transports are bouncing strongly. Against this, there is selling in miners, media stocks, financials and merchandisers.

BCE is the top trader today, up better than 5%. It is joined by strong buying in Bombardier, ATI, Research in Motion, JDS Uniphase, CN, Biovail and Domtar.

Ballard Power is up more than 15% on news that Daimler Chrysler and Ford are deepening their commitment to its fuel cell technology.

On the downside, Canadian Pacific is enjoying its last trading day off by about 1%. Financials are weak too, led by CIBC and Bank of Montreal. Despite the anticipation of further rate cuts, traders are nervous about the political situation and its possible impact on financial firms.

Barrick is down. Nortel Networks is down among the techs, along with Pivotal and Open Text. Other notable losers include QLT, Air Canada, Shaw Communications, Agrium, Co-Steel, Quebecor and Hudsons Bay.

In New York, traders remain preoccupied with the sabre rattling in Afghanistan. Today’s anticipated rate cut is considered a done deal. At midday, the Dow Jones industrial avearage is coming off its intra-day highs, up 50 points to 8,887. The Nasdaq composite has gained 18 points to 1,498. The S&P 500 is up five points to 1,043.

The CDNX is higher too, gaining two ticks to 2,817. Volume is light there, with 13 million shares trading. Oils are up, as are techs. Mines are weak. VSM MedTech Ltd is the top trader, up 23% to 54¢ on 1.9 million shares.