Investment Enhancing Systems, Inc. – Covered Call Analyzer

Covered Call Analyzer AGGRESSIVE "STOCKS-TO-CONSIDER"

for January, 2007

NOTE: The markets took a big one day hit on February 27, 2007 and became very volatile in the weeks following. We did not panic sell at that time. Instead we held all stocks, even though some got close to or went below our get-out price of -15%. We continued to hold out stocks through expiration in March (the 17th) in anticipation (and hope) of some rebound.

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Company Name	Stock Symbol	Stock Price	# of shares	Total Cost*	Option Symbol	Feb. Option Price	Income from sale*	Strike Price	Projected return if Called after one month*	Actual $ return*	Actual % Return*
Penwest Pharm	PPCO	$15.30	600	$9,200	OGQBW	$0.80	$470	17.5	19%	($801)	-9%
Comments:	Not called in February. Price at $14.95 on 2/17/2007. Sold Mar17.5 at $0.30. Exercised get-out price at $13.01 (-15%) on March 1 after buying back calls at $0.05.
Rambus, Inc.	RMBS	$17.85	500	$8,945	BNQBD	$1.00	$490	20	17%	+$1,538	+17%
Comments:	Called in February at $20.00.
EZCorp, Inc.	EZPW	$13.56	700	$9,512	ULPBC	$0.60	$410	15	15%	+$1,388	+15%
Comments:	Called in February at $15.00.
Lasercard Corp	LCRD	$11.43	800	$9,164	RXQBV	$0.60	$470	12.5	14%	($1,012)	-11%
Comments:	Exercised get-out price at $9.72 (-15%) on February 12 after buying back calls at $0.10.
Imergent, Inc.	IIG	$23.45	400	$9,400	IIGBE	$1.80	$710	25	14%	($800)	-9%
Comments:	Exercised get-out price at $19.93 (-15%) on January 25 after buying back calls at $0.20.
CV Theraputics, Inc.	CVTX	$14.45	600	$8,690	UXCBC	$0.95	$560	15	10%	($530)	-6%
Comments:	Not called in February. Price at $12.55 on 2/17/2007. Sold Mar15 at $0.40. Exercised get-out price at $12.28 (-15%) on March 5 after buying back calls at $0.05.
Sierra Wireless, Inc.	SWIR	$14.22	700	$9,974	IYQBC	$0.55	$375	15	9%	+$891	-9%
Comments:	Called in February at $15.00.
Cyberonics, Inc.	CYBX	$19.67	500	$9,855	QAJBD	$1.50	$740	20	9%	+$878	+9%
Comments:	Called in February at $20.00.
Blue Coat Systems, Inc.	BCSI	$24.29	400	$9,736	IYUBE	$1.35	$530	25	8%	+$788	+8%
Comments:	Called in February at $25.00.
Trident Microsystems	TRID	$17.11	500	$8,585	HVUBW	$1.00	$490	17.5	8%	+$658	+8%
Comments:	Called in February at $17.50.
Income from sale of calls is +$5,295.
All positions closed out in March, 2007. Cost of these ten (10) stocks is $93,051 All positions closed out with return from premiums and appreciation at +$2,997. Real return is 3.2% ($2,997/$93,051)

*After the effect of all commissions.

The stocks listed above are for illustrative and educational purposes only and should not be construed as an endorsement, recommendation, or solicitation to buy or sell any particular security.

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