Investment Enhancing Systems, Inc. – Covered Call Analyzer

$10,000 Monitored Aggressive Portfolio Trades for July 2006

	Call Premium	Cost	Balance
From Jun.			$596
200 shares of IRIS purchased in May at $14.40 not called in June. Price at $12.99, Value $2,598 on 6/17/06. Sell 2 Jul15 at $0.15. Exercised get-out price at $12.24 (-15%) on July 18, after buying back calls at $0.05. Proceeds $2,438 after commission.	($23)		$2,944
200 shares of SNDA purchased in May at $14.32 not called in June. Price at $13.13, Value $2,626 on 6/17/06. Sell 2 Jul15 at $0.20. Not called in July. Price at $12.17, Value $2,434 on 7/22/06. Sell 2 Aug15 at $0.30.	+$47		$2,991
100 shares of MFE purchased in May at $24.00 not called in June. Price at $22.73. Value $2,273 on 6/17/06. Held, waiting for higher call price into July. Price at $22.80, Value $2,280 on 7/22/06. Sell 1 Aug25 at $0.40.	+$27		$3,018
100 shares of PPCO purchased in June at $17.45 called at a strike price of $20.00 in July. Proceeds $1,990 after commission.			$5,008
100 shares of SIL purchased in June at $13.43 not called in July. Price at $13.43, Value $1,341 on 7/22/06. Sell 1 Jul15 at $0.35.	+$24		$5,032
100 shares of ENWV purchased in June at $11.92 not called in July. Price at $10.50, Value $1,150 on 7/22/06. Sell 1 Jul12.5 at $0.55.	+$44		$5,076
From Aggressive "Stocks-to-Consider" for July 22, 2006
Buy 200 shares of TOMO at $12.25 (closing last trade price) and sell 2 contracts of QWX HV (Aug$12.50 ) at $1.15 (closing bid price) expiring on 8/19/2006.	+$217	$2,460	$2,833
Buy 100 shares of SIRF at $23.51 (closing last trade price) and sell 1 contracts of QIR HE (Aug$25.00 ) at $1.35 (closing bid price) expiring on 8/19/2006.	+$124	$2,361	$596
Totals for July:	+$431		$596
Portfolio value at July 22, 2006 after selling the calls is $12,646. We will review results on the weekend of August 19, 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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