By James Langton

(March 3) – After a couple of days of strong rallying, the TSE is rather subdued today. U.S. traders are feasting on a favourable labour report this morning, speculating that the economy is slowing, and interest rate hikes may not be as large, or numerous, as some had come to fear.

At midday, the TSE 300 is up 41 points to 9,557 on average volume of 124.6 million shares. The volume is almost 2:1 in favour of buyers, although the advance-decline line is closely split between advancers and decliners.

The pipelines are booming today, up 5.7%. Media stocks and miners are the only other groups up notably. Consumer products are down sharply, off almost 3%. Weakness is also evident in the paper and oil and gas stocks. TransCanada Pipelines is leading the way up, adding almost 11% on strong volume of about 3.4 million shares.

Some of the old technology favourites are posting big gains today. JDS Uniphase, Ballard Power, Infowave Software and Research in Motion are all trending up. Hummingbird Communications has added almost 10%. Cryptologic is up about 18% on news that the company has been accepted for listing on Nasdaq. Kasten Chase has gained almost 40% on yesterday’s news of a $10 million warrnt financing and general Internet hype.

Abitibi is taking the paper stocks down, off more than 3% in heavy trading of 1.95 million shares. Jean Coutu Group is down more than 6% and Quebecor has lost 3.6%. Wi Lan, Zi Corp. Cognicase and Certicom are sliding, as are biotechs, Biovail and QLT Phototherapeutics.

The CDNX continues to defy gravity. It didn’t linger at all to celebrate its 3-month doubling to 4,000, powering up another 42 points this morning to around 4,069. Volume is very heavy at 63.8 million shares. Miners, technology and energy stocks are all up. Prime Spot Media is the hottest trader, up 40% to 21¢ on volume of 3.1 million shares.

In the U.S. the benign jobs report immediately sent stocks off to the races. The Dow rocketed up 264 points to 10,429 at midday, with upside trading curbs in. The Nasdaq shot up almost 100 points on the open and is now stalking the 5,000 level, the target many analysts saw for the year end on the Nasdaq. It likely won’t reach that level today,although it is already up 130 points to 4,884. The S&P has added 28 points to 1,410.