Investment Enhancing Systems, Inc. – Covered Call Analyzer

The Covered Call Analyzer

$100,0000 Retirement Portfolio Trades for July 2008

This is a rolling portfolio and we will look at open positions and make new trades using monies from called positions each month on expiration weekend.

NOTE: Beginning in April we began taking out call premium up to $2,000 per month rather than all the call premium. The balance is put back into the Retirement portfolio and used to purchase more stock. This should produce $24,000 of income in 2008 from this $100,000 portfolio.

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	Income*	Cost*	Balance
Balance from June:			$2,503
From Conservative "Stocks-to-Consider" for April 19, 2008 and putting $10,000 into the money available field.
Buy 300 shares of FRONTIER OIL CORPORATION (FTO) at $26.73 (closing last trade price) and sell 3 contracts of FTO EF (May$30.00) at $0.60 (closing bid price) expiring on 5/17/2008. Cost is $8,039, and income from sale of the calls is $166 and includes your commissions. Annualized return if called is 176%. Not called on May 17, 2008 (expiration weekend), price at $26.31, and value including call premium is $8,179, up +1.7%. Will now sell Jun30 at $0.45 expiring on June 21, 2008. Not called on June 21, 2008 (expiration weekend), price at $24.99, and value including call premium is $7,903, down (1.7%). Will now sell Jul30 at $0.60 expiring on July 19, 2008. Exercised get-out price at $22.72 (-15%) on July 3 after buying back calls at $0.05. Proceeds $6,796 after commission.	($30)	.	$9,299
From Conservative "Stocks-to-Consider" for May 17, 2008 and putting $10,000 into the money available field.
Buy 500 shares of CONN'S INC (CONN) at $18.24 (closing last trade price) and sell 5 contracts of UOK FD (Jun$20.00) at $0.75 (closing bid price) expiring on 6/21/2008. Cost is $9,140, and income from sale of the calls is $358 and includes your commissions. Annualized return if called is 139%. Not called on June 21, 2008 (expiration weekend), price at $17.70, and value including call premium is $9,207, up +0.7%. Will now sell Jul20 at $0.35 expiring on July 19, 2008. Exercised get-out price at $15.50 (-15%) on July 1 after buying back calls at $0.05. Proceeds $7,730 after commission.	($43)	.	$17,029
From Conservative "Stocks-to-Consider" for June 21, 2008 and putting $10,000 into the money available field.
Buy 700 shares of WESTERN REFINING INC (WNR) at $12.60 (closing last trade price) and sell 7 contracts of WNR GC (Jul$15.00) at $0.75 (closing bid price) expiring on 7/19/2008. Cost is $8,840, and income from sale of the calls is $505 and includes your commissions. Annualized return if called is 319%. Exercised get-out price at $10.71 (-15%) on July 2 after buying back calls at $0.05. Proceeds $7,477 after commission.	($56)	.	$24,506
Buy 800 shares of REGIONS FINANCIAL CORP (RF) at $11.22 (closing last trade price) and sell 8 contracts of RF GV (Jul$12.50) at $0.75 (closing bid price) expiring on 7/19/2008. Cost is $8,996, and income from sale of the calls is $578 and includes your commissions. Annualized return if called is 229%. Exercised get-out price at $9.54 (-15%) on July 14 after buying back calls at $0.05. Proceeds $7,612 after commission.	($68)	.	$32,118
Buy 400 shares of BB&T CORP (BBT) at $24.70 (closing last trade price) and sell 4 contracts of BBT GY (Jul$27.50) at $0.90 (closing bid price) expiring on 7/19/2008. Cost is $9,900, and income from sale of the calls is $344 and includes your commissions. Annualized return if called is 190%. Exercised get-out price at $21.00 (-15%) on July 14 after buying back calls at $0.05. Proceeds $8,380 after commission.	($36)	.	$40,498
Buy 700 shares of CONTINENTAL AIRLINES B (CAL) at $14.23 (closing last trade price) and sell 7 contracts of CAL GC (Jul$15.00) at $1.35 (closing bid price) expiring on 7/19/2008. Cost is $9,981, and income from sale of the calls is $925 and includes your commissions. Annualized return if called is 189%. Exercised get-out price at $12.10 (-15%) on June 23 after buying back calls at $0.05. Proceeds $8,450 after commission.	($56)	.	$48,948
Buy 500 shares of ALASKA AIR GROUP INC (ALK) at $18.40 (closing last trade price) and sell 5 contracts of ALK GD (Jul$20.00) at $0.80 (closing bid price) expiring on 7/19/2008. Cost is $9,220, and income from sale of the calls is $383 and includes your commissions. Annualized return if called is 164%. Exercised get-out price at $15.64 (-15%) on June 30 after buying back calls at $0.05. Proceeds $7,800 after commission.	($43)	.	$56,748
Buy 300 shares of ZIONS BANCORP (ZION) at $32.09 (closing last trade price) and sell 3 contracts of ZNQ GG (Jul$35.00) at $1.05 (closing bid price) expiring on 7/19/2008. Cost is $9,647, and income from sale of the calls is $301 and includes your commissions. Annualized return if called is 156%. Exercised get-out price at $27.25 (-15%) on July 3 after buying back calls at $0.05. Proceeds $8,155 after commission.	($30)	.	$64,903
Buy 200 shares of SUNTRUST BANKS INC (STI) at $37.27 (closing last trade price) and sell 2 contracts of STI GH (Jul$40.00) at $1.80 (closing bid price) expiring on 7/19/2008. Cost is $7,474, and income from sale of the calls is $347 and includes your commissions. Annualized return if called is 152%. Exercised get-out price at $31.68 (-15%) on July 10 after buying back calls at $0.05. Proceeds $6,315 after commission.	($23)	.	$71,281
Buy 200 shares of BCE INC (BCE) at $34.10 (closing last trade price) and sell 2 contracts of BCE GG (Jul$35.00) at $2.25 (closing bid price) expiring on 7/19/2008. Cost is $6,840, and income from sale of the calls is $437 and includes your commissions. Annualized return if called is 114%. Called on July 19, 2008 at $35.00. Proceeds $6,980 after commission.	.	.	$78,198
Buy 200 shares of MOODY'S CORP (MCO) at $37.92 (closing last trade price) and sell 2 contracts of MCO GH (Jul$40.00) at $1.35 (closing bid price) expiring on 7/19/2008. Cost is $7,604, and income from sale of the calls is $257 and includes your commissions. Annualized return if called is 112%. Exercised get-out price at $32.23 (-15%) on July 9 after buying back calls at $0.05. Proceeds $6,426 after commission.	.	.	$84,624
From Conservative "Stocks-to-Consider" for July 19, 2008 and putting $10,000 into the money available field.
Buy 900 shares of REGIONS FINANCIAL CORP (RF) at $10.11 (closing last trade price) and sell 9 call Out-of-the-Money contracts of RF HV (Aug$12.50) at $0.60 (closing bid price) expiring on 8/16/2008. Cost is $9,119, and income from sale of the calls is $517 and includes your commissions. Annualized return if called is 365%.	$517	$9,119	$75,505
Buy 1100 shares of ISTAR FINANCIAL INC (SFI) at $8.94 (closing last trade price) and sell 11 call Out-of-the-Money contracts of SFI HB (Aug$10.00) at $1.05 (closing bid price) expiring on 8/16/2008. Cost is $9,854, and income from sale of the calls is $1,129 and includes your commissions. Annualized return if called is 291%.	$1,129	$9,854	$65,651
Buy 1100 shares of WESTERN REFINING INC (WNR) at $8.76 (closing last trade price) and sell 11 call Out-of-the-Money contracts of WNR HB (Aug$10.00) at $0.80 (closing bid price) expiring on 8/16/2008. Cost is $9,656, and income from sale of the calls is $854 and includes your commissions. Annualized return if called is 287%.	$854	$9,656	$55,995
Buy 1000 shares of BOYD GAMING CORP (BYD) at $9.15 (closing last trade price) and sell 10 call Out-of-the-Money contracts of BYD HB (Aug$10.00) at $0.85 (closing bid price) expiring on 8/16/2008. Cost is $9,170, and income from sale of the calls is $825 and includes your commissions. Annualized return if called is 227%.	$825	$9,170	$46,825
Buy 800 shares of BIDZ.COM INC (BIDZ) at $11.36 (closing last trade price) and sell 8 call Out-of-the-Money contracts of QGZ HV (Aug$12.50) at $0.80 (closing bid price) expiring on 8/16/2008. Cost is $9,108, and income from sale of the calls is $618 and includes your commissions. Annualized return if called is 209%.	$618	$9,108	$37,717
Buy 1000 shares of SYNOVUS FINANCIAL CORP (SNV) at $9.44 (closing last trade price) and sell 10 call Out-of-the-Money contracts of SNV HB (Aug$10.00) at $0.85 (closing bid price) expiring on 8/16/2008. Cost is $9,460, and income from sale of the calls is $825 and includes your commissions. Annualized return if called is 182%.	$825	$9,460	$29,257
Buy 300 shares of TRINA SOLAR LTD ADS (TSL) at $28.13 (closing last trade price) and sell 3 call Out-of-the-Money contracts of TSL HF (Aug$30.00) at $2.10 (closing bid price) expiring on 8/16/2008. Cost is $8,459, and income from sale of the calls is $616 and includes your commissions. Annualized return if called is 172%.	$616	$8,459	$19,798
Buy 500 shares of RENESOLA LTD ADR (SOL) at $16.70 (closing last trade price) and sell 5 call Out-of-the-Money contracts of SOL HW (Aug$17.50) at $1.55 (closing bid price) expiring on 8/16/2008. Cost is $8,370, and income from sale of the calls is $758 and includes your commissions. Annualized return if called is 171%.	$758	$8,370	$11,428
Buy 400 shares of HANSEN NATURAL CORP (HANS) at $24.18 (closing last trade price) and sell 4 call Out-of-the-Money contracts of QHO HE (Aug$25.00) at $2.40 (closing bid price) expiring on 8/16/2008. Cost is $9,692, and income from sale of the calls is $944 and includes your commissions. Annualized return if called is 163%.	$944	$9,692	$1,736
Totals for July:	$6,701
Taking $2,000 out of income total leaves $4,701 that will be put back into portfolio:	$4,701		$6,437
Portfolio value at June 21, 2008 is $89,145* after $23,399 taken as income in seven months. Total return including income is *$112,544,** up 12.5%.

*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.

Starting in January 2008, 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 2007.Since it is a retirement portfolio, we take $2,000 premium income each month as income. We reinvest (keep in the portfolio) stock price appreciation to the strike price and the balance of call premium. Our objective is to maintain and grow the portfolio while maintaining a monthly income of $2000. We will update this portfolio each month on expiration weekend, using the Analyzer, to find more buy/writes using the monies realized from called or "get-out" sales.

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