Investment Enhancing Systems, Inc. – Covered Call Analyzer

$10,000 Monitored Aggressive Portfolio Trades for July 2007

NOTE: We had temporarily suspended out get-out rule (at -15%) between July 25 and September 22, 2007 because of the volatility in the markets. We have reinstated the get-out rule effective September 22 (expiration weekend). Any open positions on any list or portfolio will be sold if their price drops 15% below the stock price at September 22.

	Call Premium	Cost	Balance
From June:			$609
From Aggressive "Stocks-to-Consider" for January 21, 2007 and putting $2,000 in the money available field	Income*	Cost*	Balance
100 shares of ECLP purchased in January at $19.67 and sell 1 contracts of IQV BD (Feb$20.00 ) at $0.70 expiring on 2/17/2007. Not called in March. Price at $18.86 and value at $1,886 at 3/17/2007. Will now sell Apr20 at $0.40. Not called in April. Price at $19.19 and value at $1,919 at 4/21/2007. Will now sell May20 at $0.40. Not called in May. Price at $19.10 and value at $1,910 at 5/19/2007. Holding for better premium in June. Price at $21.19 and value at $2,119 at 6/16/2007. Will now sell Jul22.5 at $0.25. Note that we have raised the strike price. Not called in July. Price at $22.29 and value at $2,229 at 7/21/2007. Will now sell Aug22.5 at $0.75.	+$64	Still own shares	$673
From Aggressive "Stocks-to-Consider" for April 21, 2007 and putting $2,000 in the money available field
Buy 200 shares of ESPD purchased in April at $9.32 and sell 2 contracts of ENU EB (May$10.00 ) at $0.35 expiring on 5/19/2007. Not called in May. Price at $9.16 and value at $1,832 at 5/19/2007. Will now sell Jun10 at $0.15. Not called in June. Price at $9.13 and value at $1,826 at 6/16/2007. Holding. Price at $8.61 and value at $1,722 at 7/21/2007. Stock not going anywhere. Sold all shares at $8.61 after expiration to close out position. Proceeds $1,712 after commission.			$2,385
From Aggressive "Stocks-to-Consider" for June 16, 2007 and putting $2,000 in the money available field
200 shares of NFI purchased in June at $9.53 and sell 2 contracts of NFI GB (Jul$10.00 ) at $0.75 expiring on 7/21/2007. Exercised get-out price at $8.10 (-15%) after buying back calls at $0.05 on June 26. Proceeds $1,610 after commission.	($23)		$3,972
200 shares of ESLR purchased in June at $9.42 and sell 2 contracts of QLU GB (Jul$10.00 ) at $0.35 expiring on 7/21/2007. Not called in July. Price at $9.34 and value at $1,868 at 7/21/2007. Will now sell Aug10 at $0.30.	+$47	Still own shares	$4,019
100 shares of OSTK purchased in June at $19.34 and sell 1 contracts of QKT GD (Jul$20.00 ) at $0.75 expiring on 7/21/2007. Not called in July. Price at $19.59 and value at $1,959 at 7/21/2007. Will now sell Aug20 at $1.30.	+$118	Still own shares	$4,137
100 shares of CYPB purchased in June at $14.58 and sell 1 contracts of QGY GC (Jul$15.00 ) at $0.70 expiring on 7/21/2007. Not called in July. Price at $12.72 and value at $1,272 at 7/21/2007. Sold all shares at 12.72 to close out position. Proceeds $1,262 after commission.			$5,399
From Aggressive "Stocks-to-Consider" for July 21, 2007 and putting $2,000 in the money available field
Buy 100 shares of OSTK at $19.59 (closing last trade price) and sell 1 contracts of QKT HD (Aug$20.00 ) at $1.30 (closing bid price) expiring on 8/18/2007.	+$119	$1,969	$3,549
Buy 100 shares of FCS at $19.36 (closing last trade price) and sell 1 contracts of FCS HD (Aug$20.00 ) at $0.95 (closing bid price) expiring on 8/18/2007.	+$84	$1,946	$1,687
Buy 100 shares of AHM at $12.80 (closing last trade price) and sell 1 contracts of AHM HC (Aug$15.00 ) at $0.75 (closing bid price) expiring on 8/18/2007.	+$64	$1,290	$461
Totals for July:	+$473		$461
Portfolio value at July 21, 2007 is $11,692.

*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 20, 2007 (expiration weekend), Investment Enhancing Systems, Inc. initiated a new $10,000 aggressive portfolio for 2007, 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 $2,000 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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