Investment Enhancing Systems, Inc. – Covered Call Analyzer

$10,000 Monitored Aggressive Portfolio Trades for May 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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	Call Premium	Cost	Balance
From April:			$1,229
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 on Jun20.		Still own shares	$1,229
From Aggressive "Stocks-to-Consider" for February 17, 2007 and putting $2,000 in the money available field
100 shares of AGIX purchased in February at $11.83 and sell 1 contracts of AUB CV (Mar$12.50 ) at $2.25 expiring on 3/17/2007. Stock tanked on March 9. We are holding the stock for five trading days (through March expiration) anticipating a bounce and would normally sell the stock on Monday. However, this is a highly risky drug stock and the April calls are selling at a very high premium that we cannot pass up. Price at $7.83 and value at $783 at 3/17/2007. Will now sell April 10 at Apr12.5 at $3.10. Not called in April. Since the stock price has dropped so low, we will retain it and continue to sell out-of-the-money calls as long as the bring in some additional premium. Will now sell the May5 at $0.20. Price at $3.65 and value at $365 at 4/21/2007. Not called in May. Sold all shares at $2.35 to close out position. Proceeds $225 after commission.			$1,454
From Aggressive "Stocks-to-Consider" for April 21, 2007 and putting $2,000 in the money available field
200 shares of CYPB purchased in April at $7.81 and sell 2 contracts of QGY EB (May$10.00 ) at $0.70 expiring on 5/19/2007. Not called in May. Price at $8.95 and value at $1,790 at 5/19/2007. Will now sell Jun10 at $2.25.	+$437	Still own shares	$1,891
Buy 300 shares of NFI purchased in April at $6.22 and sell 3 contracts of NFI EU (May$7.50 ) at $0.45 expiring on 5/19/2007. Not called in May. Price at $6.30 and value at $1,890 at 5/19/2007. Will now sell Jun7.5 at $0.25.	+$61	Still own shares	$1,952
Buy 300 shares of TELK purchased in April at $6.24 (closing last trade price) and sell 3 contracts of ZUL EU (May$7.50 ) at $0.25 (closing bid price) expiring on 5/19/2007. Not called in May. Price at $6.06 and value at $1,818 at 5/19/2007. Holding for better premium on Jun7.5.		Still own shares	$1,952
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.	+$17	Still own shares	$1,969
From Aggressive "Stocks-to-Consider" for May 19, 2007 and putting $2,000 in the money available field
Buy 100 shares of DPTR at $19.60 (closing last trade price) and sell 1 contracts of QHR FD (Jun$20.00 ) at $0.95 (closing bid price) expiring on 6/16/2007	+$84	$1,910	$143
Totals for May:	+$599		$143
Portfolio value at May 19, 2007 is $11,131.

*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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