Followed the forum to find a problem with the connector on the rear axel (driver's side next to the gas tank) broken. Repaired the connector and the ABS light went off and all was well for 24 hours. Last night I started out and the ABS light again came on. This time however, I experienced an electrical short about every 30 seconds. The stereo was going off and on and the headlights were flickering (a significant current drain). No fuses blew but when I arrived to my destination (15 minutes later) there wasn't enough power left in the battery to lock the doors with the remote. I pulled the 60amp ABS fuse this morning and the every 30 seconds short stopped. Rechecked the wires that I had repaired on the rear axel sensor and they are not shorted. What could be causing such a high drain in current?

Just to complete this thread here's what happened:

Turns out that my battery, yes my battery, was defective. There was no indication that he battery was dying (other than it was low one morning) and no batt lamp lit on the dash (yes it does function as the lamp came on 1 week before when the idle pulley bearings blew out and the serpentine belt went flying off). Apparently when the ABS kicks in it requires significant current (hence the 60amp fuse). Since the battery was defective it couldn't supply the necessary current and the ABS lamp would kick on. Swapped the battery a week ago for a new one and everything is running fine. Tested the ABS on a gravel road and it is functioning normally.