Markets are suffering another down day, after early optimism has evaporated. At midday, the TSE 300 is down 46 points to 7,649.

Volume is decent for a Friday in August, at 58.2 million shares. Selling volume holds a six to five edge on buying, and losers are outnumbering winners nine to seven.

Techs tocks are sliding again today, down about 2.5%. They are the only real locus of weakness. Gold is pulling back a bit, and there are slides in utilities and retailers. Most everything else is flat to down. Only energy stocks, conglomerates and real estate are demonstrating any resistance.

Yesterday’s tech gainers are pulling back today, led by Nortel Networks. It is down almost 3% in heavy trading, as traders really try to play the effects of its planned US$1.5 billion debt issue.

Yesterday’s belle of the ball, C-Mac Industries, is down 1.3%, in still-active trading. Notable slides are evident in Siebel, Pivotal, Zi, Cognos, AT&T Canada, Cogeco, Microcell and Ballard Power.

There are scads of smaller, grinding slides in blue chips such as Barrick Gold, Placer Dome, Royal Bank, Manulife, Bombardier and Pan-Canadian Petroleum. Vincor is down notably today, too.

The only decent buying volume is in CP, up 0.8% on 5.9 million shares. Gains continue to mount at Maverick Tube, and real estate names such as Centrefund and Dundee Realty. Other gainers include IPL, TVA Group, Emco, St. Lawrence Cement, Meridian Gold and Zenon Enviro.

New York’s markets offer much the same picture, grinding lower with minimal enthusiasm. The Dow Jones industrial average is down 35 points to 10,264. The Nasdaq composite index is off 36 points to 1,928. The S&P 500 is off eight points to 1,175.

The CDNX is down a bit, off three points to 3,081. Volume is strong at 18.9 million shares, led by 1.4 million shares traded in Glenhaven Ventures Inc., up 57% to 22¢, on news that it has arranged a $150,000 non-brokered private placement.

The placement will be in the form of 1.5 million units at 10¢ per unit with each unit consisting of a common share and a two-year common share purchase warrant. Techs are down about 1%, followed by smaller slides in oils and miners.