Investment Enhancing Systems, Inc. – Covered Call Analyzer

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	Income*	Cost*	Balance
500 shares of RMBS purchased at $18.91 in January. Sell 5 Feb25 at $0.35 not called. Price at $17.61 and value $8,805 on 2/20/05. Sell 5 Mar20 at $0.45. Strike price lowered to 20, still above purchase price.	$205	still own shares	$3,193
300 shares of DRIV purchased at $32.34 in January. Sell 3 Feb40 at $0.65not 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.	$370	still own shares	$3,193
500 shares of RMBS purchased at $18.91 in January. Sell 5 Feb22.5 at $0.65 not called. Price at $17.61 and value $8,805 on 2/20/05. Sell 5 Mar22.5 at $0.45. Strike price lowered to 20, still above purchase price.	$205	still own shares	$3,193
400 shares of SNDK purchased at $23.20 in January. Sell 4 Feb27.5 at $0.45 not called. Price at $25.60 and value $10,240 on 2/20/05. Sell 4 Mar27.5 at $0.35.	$120	still own shares	$3,193
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.	$220	still own shares	$3,193
300 shares of SINA purchased at $25.64 in January. Sell 3 Feb30 at $0.70 not called. Price at $25.60 and value $7,680 on 2/20/05. Sell 3 Mar30 at $0.60.	$160	still own shares	$3,193
900 shares of NFLX purchased at $11.01 in January. Sell 9 Feb12.5 at $0.65 not called. Price at $10.67 and value $9,603 on 2/20/05. Sell 9 Mar12.5 at $0.15.	$115	still own shares	$3,193
400 shares of NVDA purchased in January. Sell 4 Feb25 at $0.50 called at the strike price of $25.00. Proceeds $9,980 after commission.			$13,173
600 shares of SOHU purchased at $15.31 in January. Sell 6 Feb17.5 at $0.40 not called. Price at $16.46 and value $9,876 on 2/20/05. Sell 6 Mar17.5 at $0.60.	$340	still own shares	$13,173
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.	$70	still own shares	$13,173
Buy 200 shares of INSP purchased at $38.39 in January. Sell 2 Feb40 at $2.45 called at the strike price of $40.00. Proceeds $7,980 after commission.			$21,153
From Conservative "Stocks-to-Consider" for February 18, 2005
Buy 500 shares of OVTI at $18.77. Sell 5 Mar20 at $0.35.	$155	$9,405	$11,748
Buy 300 shares of SINA at $25.52. Sell 3 Mar30 at $0.60.	$160	$7,676	$4,072
Totals for February:	$2,120		$4,072
Portfolio value at February 18, 2005 is $101,716 and $2,120 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.