Investment Enhancing Systems, Inc. – Covered Call Analyzer

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	Income*	Cost*	Balance
300 shares of DRIV purchased at $32.34 in January. Sell 3 Feb40 at $0.65 not called. Price at $33.00 and value $9,900 on 2/20/05. Sell 3 Mar35 at $1.30. Strike price lowered to 35, still above purchase price. Not called in March. Price at $31.38 and value $9,714 on 3/18/05. Sell 3 Apr35 at $0.80. Not called in April. Price at $28.21 and value $8,463 on 4/16/05. Will now sell May35 at 0.45.	$120	still own shares	$3,919
200 shares of INSP purchased at $38.39 in January. Sell 2 Feb45 at $1.10 not called. Price at $42.61 and value $8,522 on 2/20/05. Sell 2 Mar45 at $1.20. Not called in March. Price at $37.82 and value $7,564 on 3/18/05. Sell 2 Apr40 at $1.35. Strike price lowered to 40, still above purchase price. Called at $40.00 in April. Proceeds $7,980 after commission.			$11,899
200 shares of CECO purchased at $39.50 in January. Sell 2 Feb45 at $0.85 not called. Price at $35.91 and value $7,182 on 2/20/05. Sell 3 Mar40 at $0.45. Strike price lowered to 40, still above purchase price. Not called in March. Price at $37.07 and value $7,414 on 3/18/05. Sell 2 Apr40 at $0.85. Exercised get-out price at $33.75 after buying back calls at $0.23. Proceeds $6,730 after commission.	($59)		$18,629
800 shares of AKS purchased at $12.42 in March. Sell 8 Apr15 at $0.30. Exercised get-out price at $10.55 after buying back calls at $0.07. Proceeds $8,420 after commission.	($78)		$27,049
700 shares of RMBS purchased at $13.19 in Mar. Sell 7 Apr15 at $0.35. Not called. Price at $13.78 and value $9,646 on 4/16/05. Sell 7 Apr15 at $0.45.	$295	still own shares	$27,049
300 shares of KOSP purchased at $31.50 in March. Sell 3 Apr35 at $1.45. Called at $35.00. Proceeds $10,500 after commission.			$37,593
200 shares of CECO purchased at $37.10 in March. Sell 2 Apr40 at $0.85. Not called in April. Price at $32.73 and value $6,546 on 4/16/2005. Sell 2 May40 at $0.30.	$47	still own shares	$37,593
300 shares of SNDK purchased at $28.01 in March. Sell 3 Apr30 at $0.70. Not called in April. Price at $26.16 and value $7,848 on 4/16/2005. Sell 3 May30 at $0.60.	$170	still own shares	$37,593
400 shares of ASKJ purchased at $24.33 in March. Sell 4 Apr25 at $0.85. Called at $25.00 in April. Proceeds $9,980.			$47,573
300 shares of SLAB purchased at $29.36 in March. Sell 3 Apr40 at $1.10. Not called in April. Price at $27.34 and value $8,202 on 4/16/2005. Sell 3 May30 at $0.80.	$226	still own shares	$47,573
300 shares of XMSR purchased at $29.37 in March using Aggressive List. Sell 3 Apr30 at $1.15. Not called in April. Price at $27.50 and value $8,250 on 4/16/2005. Sell 3 May30 at $0.75.	$211	still own shares	$47,573
From Conservative "Stocks-to-Consider" for April 16, 2005
Buy 900 shares of UTSI at $10.22. Sell 9 Apr12.5 at $0.30.	$247	$9,178	$38,395
Buy 800 shares of CYD at $11.09. Sell 8 Apr12.5 at $0.60.	$458	$8,852	$29,543
Buy 500 shares of PLAY at $18.03. Sell 5 Apr20 at $0.90.	$433	$8,995	$20,548
Buy 300 shares of IMCL at $31.37. Sell 3 Apr35 at $0.85.	$241	$9,431	$11,117
Since there is a balance of over $10,000 we will buy another stock, this one from the aggressive list. Buy 500 shares of MYGN at $17.15. Sell 5 Apr22.5 at $0.95	$458	$8,595	$2,522
Totals for April:	$2,769		$2,522
Portfolio value at April 16, 2005 is $96,428 after $2,769 taken as income.

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.

Starting in January 2005, Investment Enhancing Systems, Inc. provided this retirement portfolio using the stocks identified in our Conservative "Stocks-to-Consider" list. We started by investing $100,000 in stock buy/writes identified by the Covered Call Analyzer on expiration weekend for January 2005. Since it is a retirement portfolio, we take the premium income each month as income. We reinvest (keep in the portfolio) stock price appreciation to the strike price. Our objective is to maintain and grow the portfolio while maintaining a monthly income of over $2000. Click on the month below to view details of stocks bought and calls sold and when we held the stock or exercised our get-out price. We anticipate good months and poor months, with a general gain at year end. PATIENCE usually wins.