Despite some strong early momentum, stocks are weaker at midday.

The S&P/TSX index is down 36 points to 7,702.

Perhaps traders don’t want to be long on the market going into a three-day weekend.

Volume with 102.7 million shares crossing the tape, and it favours buyers by about 20 to 13. However, market breadth is slightly negative, with losers holding a thin edge on winners.

Energy stocks are leading the way lower today, down about 1%, amid news that Russia plans to open the taps fully on its oil reserves for a couple of months.

There’s also selling in consumer stocks, financials and utilities. Golds, health care and tech stocks are offering some support.

The big loser today is TD Bank, down 3% on 2.1 million shares, as it reports a poor quarter, and traders contemplate possible further credit quality concerns.

CIBC is down about 2.7%, Scotia is down 1.4%, and Royal Bank has dropped 1%, all in active volume, to lead the way lower.

In the oilpatch, Rio Alto and Canadian Natural Resources are both down in active trading. EnCana is actually up a little. But, Precision Drilling and various energy trusts are weaker, too.

Other losers today include Biomira, CFM Majestic, Research in Motion, Intrawest and Rogers Communications.

Biovail is leading the way higher today, up more than 2% after it raised its revenue guidance for the coming year. It attributed the improved outlook to the acquisition of Vasotec and Vaseretic from Merck & Co. Inc.

Techs are stronger today amid strong earnings and improved sales forecasts from Dell Computer. Nortel Networks and Zarlink Semiconductor are both rebounding.

Golds are stronger once again, following a rise in gold prices. Placer Dome is leading the way up, gaining 1.6%. It is joined by Bema Gold and Meridian Gold.

Other gainers include BCE, Basis 100, CoolBrands, SouthernEra Resources, Enerchem, Wheaton River Minerals and Algoma Steel.

In business news, 91% of Trilon shares not already held by Brascan were tendered to Brascan’s offer. Of the Trilon shares tendered, 12.2 million shares were tendered for $17 in cash; 29 million shares were tendered for 0.5 of a Class A limited voting share of Brascan; and 400,000 shares were tendered for Brascan preferred shares.

In New York, early buying has also given way to midday weakness, as traders can’t convince themselves to go long over the weekend there either.

The Dow Jones industrial average is currently down about 21 points to 10,268. The S&P 500 has lost a point to 1,098. The Nasdaq composite index is down five ticks to 1,725.

The S&P/TSX Venture index is the only place to be today if you’re bullish. It is up nine points at midday to 1,177. Volume is quite strong at 22.3 million shares. The top trader is Aventura Energy Inc, which is up 1¢ to 38¢ on 1.7 million shares.