  We study the t-J model with four holes on a 32-site square lattice using
exact diagonalization. This system corresponds to doping level x=1/8. At the
``realistic'' parameter J/t=0.3, holes in the ground state of this system are
unbound. They have short range repulsion due to lowering of kinetic energy.
There is no antiferromagnetic spin order and the electron momentum distribution
function resembles hole pockets. Furthermore, we show evidence that in case
antiferromagnetic order exists, holes form d-wave bound pairs and there is
mutual repulsion among hole pairs. This presumably will occur at low doping
level. This scenario is compatible with a checkerboard-type charge density
state proposed to explain the ``1/8 anomaly'' in the LSCO family, except that
it is the ground state only when the system possesses strong antiferromagnetic
order.
