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To: j g cordes who wrote (41832)	4/29/1998 1:41:00 PM
From: Tom Trader	Respond to of 58727

Hi Jim You are right about the the bonds ignoring the housing numbers. It confirms that the bonds are in a down-trend. The flip side is that the stocks which are in down-trend seems oblivious to the weakness in the bonds and that suggests to me that the stocks want to go higher even as the bonds meander. If the bonds break -- it would be a different story--but there was too much damage control in evidence yesterday, to support the notion that a rate increase is imminent. I am hoping that the market consolidates for a couple of days here since that would ensure a relatively good entry level for my next futures trade on the long side.