Investment Enhancing Systems, Inc. – Covered Call Analyzer

$10,000 Monitored Aggressive Portfolio Trades for November 2005

	Call Premium	Cost	Balance
From Oct.			$722
400 shares of NABI purchased in September at $13.50. Sell 4 Oct15 at $1.45 not called in October. Price $11.79, Value at $4,716 on 10/21/05. Sell 4 Nov 15 at $1.00. This stock tanked in one day and we had to get out well below our get-out price. Sold all shares at $3.45 to close out position. Biggest single loss in several years. This was identified as "risky". Proceeds $1,370 after commission. Return ($3,112).			$2,092
300 shares of SGTL purchased in October at $14.51. Sell 3 Nov15 at $0.75 not called in November. Price $13.53. Value at $4,059 on 11/18/2005. Sell Dec15 at 0.25.	$61		$2,153
From Aggressive "Stocks-to-Consider" for November 18, 2005
Buy 300 shares of ISPH at $6.47. Sell 3 Dec7.5 at $0.80.	$226	$1,951	$428
Totals for November:	$287		$428
Portfolio value at November 18, 2005 after selling the calls is $6,423. We will review results on the weekend of December 17, 2005 (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 March 16, 2005 (expiration weekend), Investment Enhancing Systems, Inc. initiated this $10,000 aggressive portfolio using the 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 below lists details of stocks bought and calls sold, and when we held the stock or exercised our get-out price (-15%). 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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