Investment Enhancing Systems, Inc. – Covered Call Analyzer

$10,000 Monitored Aggressive Portfolio Trades for September 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.

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	Call Premium	Cost	Balance
From August:			$773
From Aggressive "Stocks-to-Consider" for June 16, 2007 and putting $2,000 in the money available field
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. Not called in August. Price at $8.83 and value at $1,766 at 8/18/2007. Will now sell Sep10 at $0.30. Not called in September. Price at $8.59 and value at $1,718 at 9/22/2007. Sold all shares at $8.59 to close out position. Proceeds $1,708 after commission.			$2,481
From Aggressive "Stocks-to-Consider" for July 21, 2007 and putting $2,000 in the money available field
100 shares of FCS at $19.36 and sell 1 contracts of FCS HD (Aug$20.00 ) at $0.95 expiring on 8/18/2007. Not called in August. Price at $17.34 and value at $1,734 at 8/18/2007. Holding. Price at $18.77and value at $1,877at 9/22/2007. Will now sell Oct20 at $0.35.	+$24	Still own shares	$2,505
100 shares of AHM at $12.80 and sell 1 contracts of AHM HC (Aug$15.00 ) at $0.75 expiring on 8/18/2007. This company went bankrupt as a result of the sub-prime mortgage blowup on August 10. This stock now trades with the symbol AHMMQ.PK . We will continue to hold this stock even though it has minimal value, to see if comes out of bankruptcy. Price at $0.40 and value at $40 at 8/18/2007. Price at $0.95 and value at $95 at 9/22/2007.		Still own shares	$2,505
From Aggressive "Stocks-to-Consider" for August 18, 2007 and putting $2,000 in the money available field
100 shares of BZH at $11.09 and sell 1 contracts of BZH IV (Sep$12.50 ) at $1.40 expiring on 9/22/2007. Not called in September. Price at $10.06and value at $1,006 at 9/22/2007. Will now sell Oct12.5 at $0.55.	+$44	Still own shares	$2,549
100 shares of OTEX at $19.31and sell 1 contracts of QFT ID (Sep$20.00 ) at $1.45 expiring on 9/22/2007. Called in September at $20.00. Proceeds $1,990 after commission.			$5,439
100 shares of MEE at $19.21 and sell 1 contracts of MEE ID (Sep$20.00 ) at $1.15 expiring on 9/22/2007. Called in September at $20.00. Proceeds $1,990 after commission.			$7,429
100 shares of TASR at $14.10 and sell 1 contracts of QUR IC (Sep$15.00 ) at $1.00 expiring on 9/22/2007. Not Called in September at $15.00. Proceeds $1.490 after commission.			$8,879
From Aggressive "Stocks-to-Consider" for September 22, 2007 and putting $2,000 in the money available field
Buy 100 shares of MTH at $16.66 (closing last trade price) and sell 1 contracts of MTH JW (Oct$17.50 ) at $1.05 (closing bid price) expiring on 10/20/200.	+$94	$1,676	$7,297
Buy 100 shares of ODP at $19.56 (closing last trade price) and sell 1 contracts of ODP JD (Oct$20.00 ) at $0.80 (closing bid price) expiring on 10/20/200.	+$69	$1,966	$5,400
Buy 100 shares of ENZ at $11.96 (closing last trade price) and sell 1 contracts of ENZ JV (Oct$12.50 ) at $0.65 (closing bid price) expiring on 10/20/2007.	+$54	$1,206	$4,248
Buy 100 shares of IMMR at $14.72 (closing last trade price) and sell 1 contracts of IMU JC (Oct$15.00 ) at $0.75 (closing bid price) expiring on 10/20/2007.	+$64	$1,482	$2,830
Buy 100 shares of PACR at $19.51 (closing last trade price) and sell 1 contracts of QZT JD (Oct$20.00 ) at $0.65 (closing bid price) expiring on 10/20/2007.	+$54	$1,961	$923
Totals for September:	+$403		$923
Portfolio value at September 22, 2007 is $12,242.

*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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