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 July:			$6,387
700 shares of SNDA purchased in April at $13.65 and sell 7 contracts of QKU EC (May$15.00) at $0.30 expiring on 5/20/2006. Not called in May. Price at $14.32 and value $10,024 on 5/19/2006. Sell 7 QKUFC (Jun15) at $0.50. Not called in June. Price at $13.13 and value $9,191 on 6/17/2006. Sell 7 QKU GC (Jul15) at $0.20. Not called in July. Price at $13.26 and value $9,282 on 7/22/2006. Sell 7 QKU HC (Aug15) at $0.30. Called in August at $15.00. Proceeds $10,480 after commission.			$16,867
400 shares of MATK purchased in May at $23.79 and sell 4 contracts of KQT FF (Jun$30.00) at $0.35 expiring on 6/17/2006. Not called in June. Price at $29.48 and value $11,792 on 6/17/2006. Sell 4 KQT GF (Jul30) at $1.95. Not called in July. Price at $26.21 and value $10,484 on 7/22/2006. Sell 4 KQT HF (Aug30) at $0.30. Not called in August. Price at $28.63 and value $11,452 on 8/19/2006. Sell 4 KQT IF (Sep30) at $1.10.	+$424	still own shares	$16,867
500 shares of TRLG purchased in June at $16.80 and sell 5 contracts of ZJQ GD (Jul$20.00) at $0.35 expiring on 7/22/2006. Not called in July. Price at $26.21 and value $8,800 on 7/22/2006. Sell 5 ZJQ HD (Aug20) at $0.40. Called in August at $20.00. Proceeds $9,980 after commission.			$26,847
900 shares of GNSS purchased in July at $10.60 and sell 9 contracts of QFE HV (Aug$12.50) at $0.35 expiring on 8/19/2006. Called in August at $12.50. Proceeds $11,230 after commission.			$38,077
700 shares of HOTT purchased in July at $13.03 and sell 7 contracts of UHO HC (Aug$15.00) at $0.60 expiring on 8/19/2006. Not called in August. Price at $11.75 and value $8,225 on 8/19/2006. Holding, waiting for a better call price.		still own shares	$38,077
700 shares of NLS purchased in July at $13.12 and sell 7 contracts of NLS HC (Aug$15.00) at $0.25 expiring on 8/19/2006. Not called in August. Price at $13.06 and value $9,142 on 8/19/2006. Holding, waiting for a better call price.		still own shares	$38,077
600 shares of ATHR purchased in July at $15.78 and sell 6 contracts of QRA HW (Aug$17.50) at $0.75 expiring on 8/19/2006. Not called in August. Price at $17.13 and value $10,278 on 8/19/2006. Sell 6 QRA IW (Sep17.5) at $0.95.	+$551	still own shares	$38,077
From Conservative "Stocks-to-Consider" for August 16, 2006
Buy 800 shares of RMBS at $11.95 (closing last trade price) and sell 8 contracts of BNQ IC (Sep$15.00) at $0.25 (closing bid price) expiring on 9/16/2006.	+$178	$9,580	$28,497
Buy 500 shares of EPL at $17.94 (closing last trade price) and sell 5 contracts of EPL ID (Sep$20.00) at $0.30 (closing bid price) expiring on 9/16/2006.	+$133	$8,990	$19,507
Buy 700 shares of MTEX at $14.02 (closing last trade price) and sell 7 contracts of RYQ IC (Sep$15.00) at $0.70 (closing bid price) expiring on 9/16/2006.	+$470	$9,834	$9,673
Buy 500 shares of MFLX at $18.49 (closing last trade price) and sell 5 contracts of FUX ID (Sep$20.00) at $0.60 (closing bid price) expiring on 9/16/2006.	+$283	$9,265	$408
Totals for August:	+$2,039		$408
Portfolio value at August 16, 2006 is $75,540 after $2,039 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 20056. 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.