Stocks are pulling back notably Monday, as traders look to lock in profits. At midday, the S&P/TSX composite index is down 57 points to 6,990.

Volume is on the light side this morning at 93.2 million shares, with the selling outweighing the buying by about seven to five. Market breadth is weak, as losers outnumber winners 21:16.

Last week’s broad-based rally action is now today’s broad-based pullback, every TSX sector is down to some degree today. Last week’s winners are down today. Tech stocks are 3% lower, jealth care stocks are down 2%, and there is selling in financials, telecoms and consumer plays.

Nortel is leading the slide, dropping 4.2% on volume of 13.8 million shares. Celestica is down almost 5%. Biovail is 2% lower, and there is weakness in JDS Uniphase, Research in Motion, Inex Pharma, Angiotech, Aeterna Labs and Zarlink Semi. Royal Group Tech and Neurochem are higher however.

TD Bank is leading the financials lower, down 1.3% so far. There is also selling in Royal Bank and CIBC on decent volume.

Other notable losers include Enerplus Resources Fund and Groups LaPerriere & Verreault. But, Pengrowth Energy Trust, Acclaim Energy Trust and Provident Energy Trust were all higher.

Other gainers include Goldcorp, Wheaton River and Viceroy Resources.

In New York, markets have been pulling back from their recent gains, too. The Dow Jones industrial average is down 49 points at midday to 9,014. The S&P 500 has shed nine points to 979. The Nasdaq composite index is off 19 points at 1609.

The small caps, which didn’t enjoy last week’s rally, aren’t suffering the pullback either. The S&P/TSX Venture index is up half a point at midday to 1101. Volume is on the light side there too at 15.9 million shares. Kermode Resources is the day’s leading trader, up 4.5¢ to 20¢ on 1 million shares.