1.   As in previous months, many stock traders take their cue from the hypersensitive-to-inflation bond market.

2.   At most investment firms -- large and small -- there are strict compliance procedures that limit the risks a trader can take.

3.   Bond traders took their cues from the stock market throughout the day.

4.   Bond traders have been taking cues from equity markets for more than a week, piling into Treasuries when stocks fell, only to jump out when stocks rose.

5.   Bonds pared earlier gains as some traders took rising commodities prices as a sign inflation might accelerate later this year.

6.   Bond traders took this to mean that an interest-rate reduction was less likely, sending bond prices down, and stocks dropped shortly afterward.

7.   Bonds pared an earlier gain as some traders took rising commodities prices as a sign that inflation might accelerate later this year.

8.   After all, if a trader has taken a position, he ought to know how to defend it.

9.   But many municipal bond traders take issue with a section of the proposal requiring bond dealers to review the new data before selling a bond.

10.   But the market gave back the gains as some traders took profits after the recent rise in the market.