MOVES IN THE NEXT MONTH IN BONDS & SP
	AFTER ALL MONTHLY DECLINES IN BONDS
April 1982 - July 2003 Montly Closing Prices in Futures
(t) = Current Month's Move
		Bonds (t)	SP (t)	Bonds (t+1)	SP (t+1)
		Points	Points	Points	Points
	6/30/2003	117 11/32	973.3
	7/29/2003	107  2/32	989.1
	Curr Move	-10  9/32	+ 15.8
		Bonds (t)	SP (t)	SP (t+1)	SP (t+3)
Rank	Monthend	Points	Points	Points	Points
1	5/30/1986	-6 28/32	+ 12.8	+ 6.7	+ 6.8
2	2/26/1999	-6 17/32	- 46.0	+ 57.8	+ 61.7
3	3/31/1994	-6 6/32	- 19.4	+ 3.6	- 1.7
4	2/29/1996	-6 3/32	+ 0.3	+ 13.0	+ 28.7
5	3/29/2002	-5 30/32	+ 42.3	- 72.0	- 159.1
6	9/30/1986	-5 27/32	- 23.8	+ 14.1	+ 12.3
7	9/30/1987	-5 26/32	- 7.9	- 66.5	- 77.5
8	11/30/2001	-5 21/32	+ 79.3	+ 9.2	+ 4.9
9	8/31/1990	-5 17/32	- 36.5	- 19.6	- 2.3
10	4/30/1987	-5 13/32	- 1.8	+ 0.0	+ 33.4
	Avg	-6	- 0.1	- 5.4	- 9.3
	Std Dev	14/32	+ 35.6	+ 36.8	+ 60.4