Investment Enhancing Systems, Inc. – Covered Call Analyzer

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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.

	Income*	Cost*	Balance
Cash balance from March:			$431
500 shares of ALTR purchased in January at $18.53 and sell 5 contracts of LTQBD (Feb20) at $0.45 expiring on 2/18/2006. Not called in February. Price at $19.92 and value $9,960 on 2/17/2006. Sell 5 LTQCD (20.00) at $0.65. Not called in March. Price at $19.84 and value $9,920 on 3/17/2006. Sell 5 LTQDD (Apr20) at $0.60. Called at $20.00 in April. Proceeds $9,980 after commission.			$10,411
500 shares of BCSI purchased in February at $19.25 and sell 5 contracts of IYUCX (Mar22.5) at $0.30 expiring on 3/18/2006. Not called in March. Price at $19.50 and value $9,750 on 3/17/2006. Sell 5 IYUDD (Apr20) at $1.05. Note that we lowered the strike price to 20 since it is above the original purchase price. Called at $20.00 in April. Proceeds $9,980 after commission.			$20,391
500 shares of VCLK purchased in February at $17.16 and sell 5 contracts of QCS CD (Mar20) at $0.25 expiring on 3/18/2006. Not called in March. Price at $16.42 and value $8,210 on 3/17/2006. Sell 5 QCSDW (Apr17.5) at $0.35. Note that we lowered the strike price to 17.5 since it is above the original purchase price. Called at $17.50 in April. Proceeds $8,730 after commission.			$29,121
600 shares of TTWO purchased in February at $15.88 and sell 6 contracts of TUO CW (Mar17.5) at $0.70 expiring on 3/18/2006. Not called in March. Price at $15.80 and value $9,480 on 3/17/2006. Sell 6 TUODW (Mar17.5) at $0.30. Not called in April. Price at $17.29 and value $10,374 on 4/21/2006. Sell 6 TUOEW (May17.5) at $0.75.	+$431	still own shares	$29,121
600 shares of TTWO purchased in March at $15.80 and sell 6 contracts of TUO DW (Apr17.5) at $0.30 expiring on 4/22/2006. Not called in April. Price at $17.29 and value $10,374 on 4/21/2006. Sell 6 TUOEW (May17.5) at $0.75.	+$431	still own shares	$29,121
700 shares of HOTT purchased in March at $13.77 and sell 7 contracts of UHO DC (Apr15) at $0.25 expiring on 4/22/2006. Not called in April. Price at $14.33 and value $10,031 on 4/21/2006. Sell 7 UHO EC (May15) at $0.25.	+$154	still own shares	$29,121
600 shares of ITWO purchased in March at $16.14 and sell 6 contracts of JQDW (Apr17.5) at $0.35 expiring on 4/22/2006. Not called in April. Price at $17.34 and value $10,404 on 4/21/2006. Sell 6 JQEW (May17.5) at $0.75.	+$431	still own shares	$29,121
700 shares of TARO purchased in March at $14.25 and sell 7 contracts of QTTDC (Apr15) at $0.65 expiring on 4/22/2006. Not called in April. Price at $12.71 and value $8,897 on 4/21/2006. Sell 7 QTTEC (May15) at $0.15.	+$84	still own shares	$29,121
600 shares of AXL purchased in March at $16.23 and sell 6 contracts of AXL DW (Apr$17.50) at $0.30 expiring on 4/22/2006. Called at $17.50 in April. Proceeds $10,480 after commission.			$39,601
500 shares of CNCT purchased in March at $16.80 and sell 5 contracts of UXU DW (Apr17.5) at $0.65 expiring on 4/22/2006. Not called in April. Price at $15.36 and value $7,680 on 4/21/2006. Sell 5 UXUEW (May17.5) at $0.40.	+$182	still own shares	$39,601
From Conservative "Stocks-to-Consider" for April 22, 2006
Buy 500 shares of AXL at $17.69 (closing last trade price) and sell 5 contracts of AXL ED (May$20.00) at $0.60 (closing bid price) expiring on 5/20/2006.	+$290	$8,865	$30,736
Buy 400 shares of CKCM at $22.41 (closing last trade price) and sell 4 contracts of QCP EE (May$25.00) at $0.80 (closing bid price) expiring on 5/20/2006.	+$390	$8,984	$21,752
Buy 500 shares of TRLG at $18.44 (closing last trade price) and sell 5 contracts of ZJQ ED (May$20.00) at $0.75 (closing bid price) expiring on 5/20/2006.	+$365	$9,240	$12,512
Buy 700 shares of SNDA at $13.65 (closing last trade price) and sell 7 contracts of QKU EC (May$15.00) at $0.30 (closing bid price) expiring on 5/20/2006.	+$200	$9,575	$2,937
Totals for April:	$2,959
Portfolio value at April 21, 2006 is $97,141 after $2,959 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 2006, 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 2006. 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.