Markets opened the day filled with optimism, but selling has since resumed.

At midday, the TSE 300 is down 64 points to 7,514.

Volume is improved, with 57.2 million shares changing hands. Selling volume is overwhelming the buying by a margin of about three to one, and losers outnumber winners by 10 to seven.

Techs are weak again today, down better than 2%. There’s also conspicuous weakness in mines, conglomerates, financials, merchandisers, media stocks, industrials and utilities. Gold, real estate, pipelines and consumer stocks are finding their way higher, though.

The banks are dominating trading again today, with some of the biggest moves. Bank of Nova Scotia is bucking the trend, with slight gains on more than 2 million shares, but Royal Bank, CIBC and Bank of Montreal are all down better than 1.5% in active trading. TD Bank is down, too, albeit less dramatically.

The techs continue to crumble, led by Celestica , as analysts downgrade names such as Juniper Networks and Cypress Semi. Celestica is down almost 3% in active trading. Nortel Networks has lost about the same amount. Geac Computer and Leitch Technology are notably weak, although C-Mac and Mitel are up.

Other losers include Alberta Energy, Bell Canada International, BCE, Boliden, Shaw and Canadian Tire.

Baytex Energy is down almost 9% after reporting earnings of $3,683,000 in the second quarter. During the quarter, the firm also acquired OGY Petroleums Ltd. and Triumph Energy Corp.

The upside is coming from bounce-backs off overdone selling in names such as Anderson Exploration and Transat.

Imperial Oil, Teck, Trizec Hahn, Goldcorp and Agnico Eagle are also making gains. C.I. is leading the fund managers higher, gaining 1.7% in active trading.

In other business news, Laurentian Bank reported net income before good will of $23.6 million for the quarter ended July 31, compared with $19.6 million for the same period in 2000. Return on common shareholders’ equity before good will was 13.4% for the quarter, compared with 13.6% in 2000.

Mosaid Technologies said it plans to make a normal-course issuer bid to purchase up to 300,000 common shares, representing 2.9% of its 10,270,213 outstanding shares.

AMJ Campbell reported a net loss of $756,855 (11¢ per share) for its latest quarter, compared with net earnings of $406,718 in the quarter last year. This loss is due to a writedown of $1,012,098 in the carrying value of an investment in and notes receivable from McCalif Growers Supplies Inc.

In New York, markets opened higher and then quickly crumbled as the lack of reasons to buy became readily apparent. At midday, the Dow is down 110 points to 10,112. Nasdaq is off 18 points to 1,847. The S&P 500 has dropped eight ticks to 1,153.

The CDNX is down today as well, off seven points to 3,041. Volume is light at 11.9 million shares. Techs are weak, down 1%, while mines and oils are little changed. Genoil Inc is the top trader, up 11% to 29¢ on 565,634 shares.