By James Langton

(March 28 – 13:00 ET) – Markets are sliding at midday today on generally negative sentiment. The TSE 300 is down 110 points to 9,933. Volume has picked up a little today, to 93.6 million shares. The volume is 10:7 in favour of the sellers, and decliners are ahead of advancers 4:3.

Old economy and new economy stocks are all down today. Apart from resistance from the media stocks and real estate just about every other sector is off today. Industrials, utilities and miners are off most.

Software stocks are leading a broad tech sell-off. Everything from Nortel Networks to Research in Motion, Cognos, Certicom and 724 Solutions has been caught in the down draft. Volatile Ballard Power and BCE Emergis are along for the ride too.

Financials are sliding, led by CIBC and Sun Life. Profit-taking from last week’s run-up appears to be the culprit.

On the upside, Seagram takeover speculation is spurring the media sector higher single-handedly. There are some notable gains in stocks such as Veritas Energy, Pennwest Petroleum, Burlington Resources, Telus and Corby Distillers, but the volumes are too light to be taken seriously.

Penny stock Sodisco-Howden is the volume leader, up 15% to 23¢ on 6.8 million shares after announcing improved earnings after the bell yesterday.

Among the small caps, stocks are down too. The CDNX has dropped 30 points to 4,368 on volume of 40.9 million shares. Technology is leading the slide, but oils and miners are off too. Absolute Software Corp. is the leading trader, up 12% to $5.60 on 858,000 shares.

In New York much the same scenario prevails. Hawkish interest rate signs coupled with a lack of decisive action from OPEC on oil production is putting a malaise into the market. Noted Goldman Sachs bull Abby Joseph Cohen pulled in her horns a little this morning, dropping her equity portfolio allocation from 70% to 65%, chilling some traders. The Dow is the only area with a little buying, up 13 points to 11,039. The Nasdaq is off 48 points to 4,910. The S&P is off five to 1,520. The negativity is picking up steam at midday.