One of my favorite rigs is a 1/32 oz tear drop tipped with two spikes. I start with the rig just under the ice and very slowly lower it toward the bottom. Go so slow that you can almost not tell you are moving it. Now just watch for the line to go slack. Any slight bit of slack in the line usually means a speck has inhaled it. This technique is usually used in water 10 feet or less because it is difficult in much deeper water but can still be done. Once you locate the fish just start about 3 - 4 feet over them and work it the same way. Minnows also work very well but I have found this set up to be just as effective and it is easier to rig a couple spikes in real cold weather than it is to hook a minnow.
It is not about the equipment you have to use,
It is about how you use the equipment you have. :D