Stocks are seeing a broad-based decline Monday, as traders take profits in a rather lacklustre session. The S&P/TSX composite index is down 29 points to 8,576.

There are no major economic releases out today on either side of the border. Although Canadian wholesale trade numbers were reported on the weak side, U.S. housing numbers continue to be hot. The focus for the week is likely to be earnings and the two-day Federal Open Market Committee meeting that starts Tuesday.

Trading volume in Toronto is light with just 129.1 million shares changing hands. Selling is outpacing buying by a 66:53 margin. Market breadth also favours the bears, with losers outnumbering winners by an eight to seven margin.

Every sector, apart from techs, is reporting a modest selloff today. Techs are bouncing back, up 1.2%.

Everything else is down, led by a 1.3% drop in golds and a 1% slide in miners. There is also notable selling in materials, health care and telecom.

Nortel is leading the trade, but is also representative of the rather indifferent action. It is up just 0.2% on solid volume of 14.6 million shares.

The strength in the techs is coming through big gains in smaller names, with Research in Motion jumping 4.3%, Descartes Systems has added almost 9%, and there is big buying in Zarlink Semi, Cedara Software, JDS Uniphase and Mitec Telecom.

Media stocks are also in the spotlight, with news that John Honderich is leaving the helm of the Toronto Star. Hollinger International’s board of directors has unanimously approved a shareholder rights plan (poison pill), as well as the filing of a lawsuit in Delaware seeking relief regarding a number of actions taken by Conrad Black through his control of Hollinger Inc.

Rogers Communications and Chum are both up amid the turmoil elsewhere in the sector. However, BCE is down 1.1%.

Financial stocks s are generally weaker today, with TD Bank down 1.2%. Bank of Montreal has dropped 1%, and there is smaller selling action in National Bank, Scotiabank, Royal Bank and Manulife. Insurance holing company Fairfax Financial has gained 2.7%.

Barrick is leading the golds lower, down 1.5%. Falconbridge is driving the mining group lower with a 2.7% drop in its’ stock. There is selling in Ivanhoe Mines, Wheaton River and Iamgold.

The energy sector is also mixed today, with EnCana making gains, and Canadian Superior Energy adding 3.6%, but,Nexen has dropped 3.6%, and Petro Canada is down, too.

Shermag is the day’s big loser, down 9.5% on an earnings disappointment. It reported that it now expects earnings for the third quarter to be less than the current analyst consensus estimate for the period. The company anticipates earnings for the quarter to be in the range of 22¢ to 28¢ per share compared with 32¢ per share in the same period prior year.

There is also weakness in Coretec, Extendicare and WestJet.

In M&A news, Les Boutiques San Francisco has concluded an agreement for the sale of the San Francisco banner to the groupe Marie Claire of Montreal. The agreement for approximately $3.2 million is for 33 of the 36 stores operating under this banner, including part of their inventory.

TLC Vision’s subsidiary, TLC Michigan has acquired a majority ownership interest in the Blake Woods Surgery Center located in Jackson, Mich.

In other business news, ID Biomedical has appointed Mustapha Bakali as its new chief operating officer. Bakali was formerly the chief operating officer and member of the board of directors of British vaccine company, PowderJect Pharmaceuticals.

CGI Group has signed a number of key multiyear contracts valued at a total of $39.4 million.

Kingsway Financial Services subsidiary, Kingsway America Inc., has agreed to sell US$100 million of senior notes. Kingsway America intends to use the net proceeds of the offering to repay certain indebtedness and for general corporate purposes, including providing additional capital to the Kingsway subsidiaries.

In New York, markets are mixed, but the action is opposite to the trends in Canadian stocks. The Big Board is up, as the Dow gains 34 points to 10,602. However, the Nasdaq composite index is down a point at 2,123. Traders are focusing on earnings and the FOMC meeting this week.

The S&P/TSX Venture index has also dropped seven points today to 1,808. Volume is holding up well though at 44.7 million shares. Oilexco is leading the trade, down 10¢ to $2.24 on 2.4 million shares traded.