Stocks are clinging to modest gains after a strong opening today. At midday, the TSE 300 is up just 18 points to 7725. The market opened up almost 60 points on strong tech buying, but that has dissipated throughout the morning. Volume is about average at 80.3 million shares, with sellers holding an eight to seven edge over buyers. Losers also outnumber winners by about a nine to eight margin.

There’s not a lot of momentum in either directon. Paper stocks, real estate, pipelines and merchandisers are all down, but the slides are modest. Similarly, the utilities are the only stocks that have made any gains in convincing fashion.

The volume board reflects the real lack of direction to today’s trade. Gulf Canada is the top trader, dropping just 2¢ on 10.3 million shares. Nortel Networks is next, down a penny on 6.6 million shares.

It is somewhat surprising that traders are ignoring Nortel with the techs bouncing elsewhere on good news from Oracle Corp. It appears that traders have just given up on the networking giant for now. Other techs are bouncing, including Sierra Wireless, Siebel, Tundra Semi, BCE Emergis and Research in Motion. Other gainers today include Talisman Energy, Bombardier, Alcan, Maxx and Amvescap.

The downside is pretty weak, with minor slides in blue chips such as CP, CNR, Thomson and Royal Bank. Other losers are a mixed bag, including Bell Canada International, Ballard Power, Agrium, Exfo Electro, Mosaid, Andres Wines, Aeterna and Dynacare.

In buy-back news, Imperial Oil reports that it has received final acceptance from the TSE for a new normal course issuer bid, allowing it to repurchase up to 5% of its outstanding common shares during the next 12 months.

Royal Bank of Canada has also launched its normal course issuer bid to purchase up to 18 million of its common shares, or about 2.6% of its stock, “to balance the imperatives of maintaining strong capital ratios with the continuing need to generate shareholder value”. The bank bought back 4.1 million shares last year.

In New York, the early rally has more or less fizzled too as traders sold into early gains. Techs are leading the way with some help from financials. At midday, the Dow is up five points to 10651. Nasdaq has gained 38 points to 2026. The S&P is up nine ticks to 1217.

Over on the CDNX, selling has been the order of the day. At midday, the CDNX is down 18 points to 3284. Volume is average at 18.4 million shares. The techs are leading the way down there, off 1.2%, in the face of slight gains in miners and oils. Erez Inc. is the top trader in its debut, it is up 87% to 28¢ on 2.1 million shares.