As expected, markets have so far backed off yesterday’s gains.

The S&P/TSX index is down 59 points at midday to 7,649.

Volume is exceptionally weak however, at just 62.4 million shares. Sellers outnumber buyers by a ratio of seven to four. Market breadth is also bearish, with losers trumping winners by about five to four.

On a sector basis, today’s market action has been the polar opposite of yesterday’s tech-led rebound. Today, techs are down 3.3%, health care, consumer plays and telecoms are all down sharply, too. Everything else is down modestly, with the exception of golds and real estate, which are getting some safe haven buying.

Research in Motion is hard hit today, down 13.6% in active trading. Nortel Networks is down 5.6% on 3.6 million shares. Celestica is modestly weaker, and there’s also selling in JDS Uniphase, ATI Technologies and Ballard Power. Descartes Systems is bucking the trend.

Biotechs are surrendering some of their gains, with weakness in QLT. Other losers include BCE, Bombardier, ConjuChem and both Trizec Canada and Trizec Properties.

The financials are generally down, led by TD Bank, which is off almost 1% amid news of capacity cuts at TD Waterhouse. Scotia is up a little in active trading however.

Bema Gold is down 4.3% in heavy trading of 1.7 million shares on news that it has entered into an agreement for a bought-deal financing with a syndicate of firms lead by Canaccord Capital Corp. and Haywood Securities Inc., and including Sprott Securities Inc.

But there’s strength generally in the golds, led by Barrick. Glamis and Kinross are also up notably.

Other gainers include Southward Energy, Baytex Energy, Canadian Crude, CN Rail, Pason Systems and SNC Lavalin.

Takeover target Dynacare is up 25% in active trading.

In earnings news, Onex reported net earnings were $22 million, compared with $16 million in the same quarter of 2001.

Canadian Tire reported first quarter consolidated net earnings of $30.3 million, an increase of 5.5% compared with the $28.7 million recorded in 2001.

Extendicare experienced net earnings of $5.9 million in the first quarter, compared with a loss of $5.3 million in 2001.

In other news, TLC Laser Eye Centers and Laser Vision Centers say that with Ontario public service employees now back at work, TLC and LaserVision intend to close the transaction as soon as practicable.

In New York, profit-taking is rife, too. The Dow Jones industrial average is down 86 points to 10.056. The S&P 500 has given up 12 points to 1,076. Nasdaq has surrendered 37 points to 1,659.

Swimming against the tide, the S&P/TSX Venture index is up two points to 1148. Volume is weak at 12.5 million shares. Maxim Power Corp. is the top trader, gaining 5¢ to 39¢ on 1.2 million shares traded.