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Friday, January 21, 2005

Leverage Alert: Ishares Lehman 20+


ALL LEVERAGE SERVICES

FRIDAY, JANUARY 21, 2005
½-POSITION CLOSEOUT INSTRUCTIONS!

CANCEL ANY OPEN ORDERS AND PLACE A MARKET ORDER TO SELL (TO CLOSE) THE
SECOND HALF OF YOUR POSITION IN THE ISHARES LEHMAN 20+ YEAR TREASURY BOND
FUND JANUARY 2005 88.00 CALL (TLTAJ).


THE OPTION IS CURRENTLY BID AT 2.90, ASKED AT 3.00.

TLT IS CURRENTLY AT 91.00.

WE RECOMMEND EXITING THE SECOND HALF OF THIS POSITION TO LOCK IN PROFITS
AHEAD OF JANUARY OPTIONS EXPIRATION.

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