Investment Enhancing Systems, Inc. – Covered Call Analyzer

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	Call Premium	Cost	Balance
From Apr.			$819
300 shares of ENZ purchased in April at $12.76 called at a strike price of $15.00 in May. Proceeds $4,990 after commission.			$5,309
400 shares of IDIX purchased in April at $11.48. Exercised get-out price at $9.76 (-15%) on May 4, after buying back calls at $0.05. Proceeds $3,894 after commission.	($56)		$9,203
400 shares of VPHM purchased in April at $11.66. Exercised get-out price at $9.94 (lower than our -15% get out price because the stock tanked) on May 1, after buying back calls at $0.10. Proceeds $3,966 after commission.	($56)		$13,169
From Aggressive "Stocks-to-Consider" for May 20, 2006
Buy 200 shares of POZN at $12.19 (closing last trade price) and sell 2 contracts of QKZ FC (Jun$15.00 ) at $1.05 (closing bid price) expiring on 6/17/2006.	+$197	$2,458	$10,908
Buy 200 shares of MRGE at $13.90 (closing last trade price) and sell 2 contracts of MQP FC (Jun$15.00 ) at $0.70 (closing bid price) expiring on 6/17/2006.	+$127	$2,800	$8,235
Buy 200 shares of IRIS at $14.40 (closing last trade price) and sell 2 contracts of JGU FC (Jun$15.00 ) at $0.60 (closing bid price) expiring on 6/17/2006.	+$107	$2,900	$5,442
Buy 200 shares of SNDA at $14.32 (closing last trade price) and sell 2 contracts of QKU FC (Jun$15.00 ) at $0.50 (closing bid price) expiring on 6/17/2006.	+$87	$2,884	$2,645
Buy 100 shares of MFE at $24.00 (closing last trade price) and sell 1 contracts of MFE FE (Jun$25.00 ) at $0.85 (closing bid price) expiring on 6/17/2006.	+$74	$2,420	$299
Totals for May:	$393		$299
Portfolio value at May 20, 2006 after selling the calls is $13,711. We will review results on the weekend of June 17, 2006 (expiration weekend) and make additional trades as dictated by the Covered Call Analyzer. Note that we have increased the number of stocks to five (5) to improve diversity.

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.