Markets have backed away from their opening highs. At midday, the TSE 300 is clinging to a four point gain at 7,778.

Volume is a little stronger today at 71 million shares, with buying leading selling four to three. Winners hold a slimmer, five to four, edge on losers.

While the mid- and small-cap stocks are strong today, blue chips are more restrained. Tech hardware issues are down, ending a string of recent rallies, as traders take profits. Cable stocks, biotechs, utilities and transports are lower, too. Software is stronger, as are paper stocks, miners and financials.

Nortel Networks has resumed its position atop the volume board today, down 1.4% on 7.4 million shares. ATI is giving back some recent gains, but Celestica is holding up.

Smaller techs such as Mosaid, Zarlink, Corel, Cognos, Centrinity and GSI Lumonics are all holding up, too.

Big sellers in the tech and telecom space include Research in Motion, Rogers, Microcell, Telus, Crptologic and QLT. Other losers include Kinross, Saputo and Altarex.

The financials are up modestly today, as the big banks trade heavily. CIBC is leading the way higher, up 1%. It is joined by TD, but Royal Bank is down in active trading. Baby bank, Canadian Western Bank, is enjoying the limelight today, up more than 5%.

There are also gains in Bombardier, ATS, Stressgen Biotech and Wireless Matrix.

In New York, traders are also pulling back from an opening rally fueled by tech stocks. The hotly-awaited U.S. jobs report came in as expected, which didn’t give the market motivation. Rather, some gentle profit-taking has cut into recent gains.

At midday, the Dow Jones industrial average is up 28 points to 10,200. The Nasdaq composite index is now down nine points to 2,035. The S&P 500 is up two ticks to 1,168.

The S&P/CDNX Composite Index is also holding a small gain, up four points to 1,065. Volume is average at 15 million shares. Look Communications Inc remains the most active name on the board, down 16% to 16¢ on 1.75 million shares.