TSE up at midday

The market gyrations have been sharp but the volume is not impressive, just 73 million shares so far. Volume is 4:3 in favour of buyers, but declines are outpacing advances 3:2.

Techs are rallying, led by the industrials, utilities and software. Much of the money is going back into the blue chip tech stocks and out of the golds, which enjoyed brief status as a safe haven. Conglomerates and miners are stronger, too. BCE Inc. is the leader on the upside, adding almost 5% on 1.5 million shares. Nortel is up 2.6% on 2.2 million shares. Stocks such as BCE Emergis, JDS Uniphase, Wi-Lan and Angiotech Pharmaceuticals are taking the bull by the horns.

But the bears have the ear of some of the more speculative techs. 724 Solutions is down another 15% today, Certicom has dropped 11%, as has MDSI Mobile Data. There is some internal gyration in the paper sector, away from Bowater and into Abitibi.

A similar scene is playing itself out in New York. The closely-watched Nasdaq dumped 100 points on the open, but was soon back up 100 points and the gyrations continue. At midday the Nasdaq is up 60 points to 3381. The Dow Jones industrial average has gained 50 points to 10350. The Standard & Poor’s has added seven points to 1363.

The small caps are also along for the ride this morning. The Canadian Venture Exchange index has added 45 points to reach 3407. Volume is light there at 27.7 million shares. Techs and energy stocks are overwhelming a slide in the miners. Unique Broadband has returned to the top of the CDNX leader board, it is up a cautious 5% to $4.12 on just over 1 million shares traded.