Investment Enhancing Systems, Inc. – Covered Call Analyzer

$10,000 Monitored Aggressive Portfolio Trades for April 2006

	Call Premium	Cost	Balance
From Mar.			$1,726
300 shares of HGSI purchased in February at $12.40 not called. Price at $11.51, Value $3,363 on 3/21/06. Exercised get-out price at $10.54 (-15%) on April 3, after buying back calls at $0.15. Proceeds $3,152 after commission.	($60)		$4,818
200 shares of MYG purchased in March at $16.71 called at a strike price of $17.50 in April. MYG was purchased by Whirlpool. Proceeds $3,490 after commission.			$8,308
200 shares of CRZO purchased in March at $23.63 called at a strike price of $25.00 in April. Proceeds $4,990 after commission.			$13,298
From Aggressive "Stocks-to-Consider" for April 22, 2006
Buy 300 shares of ENZ at $12.76 (closing last trade price) and sell 3 contracts of ENZ EC (May$15.00 ) at $0.75 (closing bid price) expiring on 5/20/2006.	+$215	$3,838	$9,675
Buy 400 shares of IDIX at $11.48 (closing last trade price) and sell 4 contracts of GQX EV (May$12.50 ) at $0.60 (closing bid price) expiring on 5/20/2006.	+$230	$4,602	$5,303
Buy 400 shares of VPHM at $11.66 (closing last trade price) and sell 4 contracts of DUZ EV (May$12.50 ) at $0.50 (closing bid price) expiring on 5/20/2006.	+$190	$4,674	$819
Totals for April:	+$635		$819
Portfolio value at April 22, 2006 after selling the calls is $14,163. We will review results on the weekend of May 20, 2006 (expiration weekend) and make additional trades as dictated by the Covered Call Analyzer.

*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.

On January 21, 2006 (expiration weekend), Investment Enhancing Systems, Inc. initiated a new $10,000 aggressive portfolio for 2006, This portfolio uses stocks identified in our Aggressive "Stocks-to-Consider" list by selecting buy/writes from the "Stocks with high or negative PE ratios" list. We have set the money available to $5,000 (the default value) and have reduced the commissions for purchasing the stock to $9.95 and selling the calls to $9.95 plus $1.50 per contract in our parameters page. Several low cost, on-line brokers offer these low commissions. Since it is an aggressive portfolio, we keep the premium income and stock price appreciation to the strike price in the portfolio. We update the portfolio each month on expiration weekend. Our objective is to maintain and grow the portfolio. The table above lists details of stocks bought and calls sold, and when we held the stock or exercised our get-out price. Note: In all of our lists and portfolios, we have established a get-out price which we exercise when the stock price drops 15%. If this happens during the month, we will get-out and report the sale of the stock and the buy-back of the calls at the next expiration weekend postings. We anticipate good months and poor months, with a general gain at year end. Patience usually wins. Because this portfolio is limited in diversity, it will be much more difficult to realize the types of gains in our larger portfolios.

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