I've received a number of inquiries about how to buy the 34.9% Least of the Dow Reverse Exchangeable Notes Due 2/27/09.

I had hoped there wouldn't be a problem, but I know some brokerage firms simply don't participate in structured product offerings -- it varies and just depends on the policy of the particular brokerage.

Of course that's why I call these kinds of trades "extreme income" -- they can require some out-of-the-box thinking and some extra effort on your part to get involved. You'll need to use a brokerage (if yours doesn't participate) that deals in these kinds of hybrid products.

I do business with TD Ameritrade and I know you can buy just about any new issue of structured products through it. It's also my understanding that most other major brokerages are part of the selling group for this issue -- I looked into that before making this recommendation.

If your brokerage firm isn't able to buy this Reverse Exchangeable for you, you'll need to open an account (a second account if you wish) at a firm like Charles Schwab, Fidelity, E*Trade or TD Ameritrade, to get in this game. Do two things:

• When canvassing for a new broker, ask the company if it trades structured products, and then go one step further and tell the firm you would like to speak directly with the broker who deals in them.
• From there, ask the broker if he or she is active on the syndicate calendar offerings, like the Least of the Dow Notes. If so, you are good to go. If not, call one of the firms mentioned above.

Don't Panic, There is Always Next Month

Now, because the cutoff date for this issue is high-noon, Tuesday, Feb. 26, some of you might be shut out, and not be able to access this trade in time. Have no fear. The underwriters of the Least of the Dow Notes will be putting out a new offering every month, using a trailing 12-month history of the Dow Jones Industrial Average as a pricing mechanism for each new monthly offering.

This issue is a good idea whose time has come. It allows an investor to buy the market after deep pullbacks (like the present), while also being able to identify downside risk. In the case of the 34.9% Least of the Dow Reverse Convertible Notes due 2/27/09, remember that one of the 30 Dow components has to literally "fall off a cliff" to the tune of 50%, before any risk to the principle comes into play. That's why I like our chances here.

So, if you don't get an opportunity to buy in on the February offering, there will be a March offering. The reason to try to make it into this February offering is that it's my hunch the market may be trading at a higher level by the end of March, when the next offering is priced. I'm a stickler for price and time, so if you can make the 34.9% Least of the Dow Reverse Convertible Notes due 2/27/09 happen by noon tomorrow, Tuesday, Feb. 26, please do so.

Bryan Perry

Editor The 25% Cash Machine