Toronto’s markets are out of sync with U.S. markets once again on Tuesday. The S&P/TSX composite index has given up yesterday’s gains, dropping 70 points at midday to 6,111.

Volume is very thin at just 66.8 million shares, with selling ahead of the buying by a about 11:9. Market breadth is certainly negative, with losers outnumbering winners by about five to four.

Apart from a little resistance in real estate, the rest of the Toronto market is selling off. Financials are leading the way lower, amid weak economic data from the U.S. Techs and telecoms are big losers, as are consumer stocks, energy and even golds.

In a relatively thin trade, weakness in the banks is weighing down the rest of the market. TD Bank is off by about 2% in active trading. Royal Bank is lower, as is CIBC. Sun Life is down more than 4% too.

Blue chips are sliding today. Alcan, Barrick Gold, BCE, Suncor Energy, EnCana, and Magna are leading the way lower. Other losers include Quebecor, Fording, Four Seasons, Rogers, Zarlink, Ballard Power and Crystallex.

Against all this selling there are some gains in core companies, such as Domtar, Dofasco, Cameco and Canadian Tire. Other gainers include Neurchem, Moore Corp., Baytex Energy and LaPerriere & Verreault.

In M&A news, X-Cal is going to exercise its option on the Kinross portion of a Nevada gold project.

On the earnings front, Ecopia BioSciences reports that it lost almost $1.3 million in the third quarter. It reported that its cash burn rate has increased, and that it has enough cash for 2.5 years at the current rate.

In New York, the bargain hunting is overwhelming any fear of a double dip recession, following some weak economic data. The Dow Jones industrial average is up 50 points at midday to 7,642. The S&P 50 has gained three ticks to 819. However, the Nasdaq has slipped into negative territory, it is down a single point to 1,171.

The S&P/TSX Venture index is weaker today, down two ticks to 949. Volume is on the low side at 12.5 million shares. Ascot Energy Resources is far and away the top trader, up a penny to 45¢ on 3.5 million shares traded.