Investment Enhancing Systems, Inc. – Covered Call Analyzer

The Covered Call Analyzer

$100,0000 Retirement Portfolio Trades for August 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.

	Income*	Cost*	Balance
Balance from July:			$6,437
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%. Not called on August 16, 2008 (expiration weekend), price at $9.10, and value including call premium is $8,773, down (3.8%). Will now sell Sep12.5 at $0.10 expiring on September 20, 2008.	$67	still own shares	$6,437
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%. Exercised get-out price at $7.60 (-15%) on July 21 after buying back calls at $0.05. Proceeds $9,407 after commission, down (4.5%).	($81)		$15,844
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%. Exercised get-out price at $7.45 (-15%) on August 4 after buying back calls at $0.05. Proceeds $8,967 after commission, down (7.1%).	($81)		$24,811
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%. Called on August 16, 2008 at $10.00. Proceeds $10,805 after commission, up +17.8%.			$35,616
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%. Exercised get-out price at $9.66 (-15%) on July 28 after buying back calls at $0.05. Proceeds $8,284 after commission, down (9.0%).	($62)		$43,900
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%. Called on August 16, 2008 at $10.00. Proceeds $10,805 after commission, up +14.2%.			$54,705
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%. Called on August 16, 2008 at $30.00. Proceeds $8,980 after commission, up +13.4%.			$63,685
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%. Exercised get-out price at $14.20 (-15%) on August 8 after buying back calls at $0.05. Proceeds $7,815 after commission, down (6.6%).	($43)		$71,500
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%. Called on August 16, 2008 at $25.00. Proceeds $9,980 after commission, up +14.2%.			$81,480
From Conservative "Stocks-to-Consider" for August 16, 2008 and putting $10,000 into the money available field.
Buy 400 shares of GEOEYE INC (GEOY) at $24.34 (closing last trade price) and sell 4 call Out-of-the-Money contracts of QZY IE (Sep$25.00) at $2.75 (closing bid price) expiring on 9/20/2008. Cost is $9,756, and income from sale of the calls is $1,084 and includes your commissions. Annualized return if called is 142%.	$1,084	$9,756	$71,724
Buy 1100 shares of WESTERN REFINING INC (WNR) at $9.06 (closing last trade price) and sell 11 call Out-of-the-Money contracts of WNR IB (Sep$10.00) at $0.80 (closing bid price) expiring on 9/20/2008. Cost is $9,986, and income from sale of the calls is $854 and includes your commissions. Annualized return if called is 195%.	$854	$9,986	$61,738
Buy 500 shares of RENESOLA LTD ADR (SOL) at $18.13 (closing last trade price) and sell 5 call Out-of-the-Money contracts of SOL ID (Sep$20.00) at $1.40 (closing bid price) expiring on 9/20/2008. Cost is $9,085, and income from sale of the calls is $683 and includes your commissions. Annualized return if called is 183%.	$683	$9,085	$52,653
Buy 1400 shares of ISTAR FINANCIAL INC (SFI) at $6.97 (closing last trade price) and sell 14 call Out-of-the-Money contracts of SFI IU (Sep$7.50) at $0.50 (closing bid price) expiring on 9/20/2008. Cost is $9,778, and income from sale of the calls is $669 and includes your commissions. Annualized return if called is 148%.	$669	$9,778	$42,875
Buy 1000 shares of BIDZ.COM INC (BIDZ) at $9.79 (closing last trade price) and sell 10 call Out-of-the-Money contracts of QGZ IV (Sep$12.50) at $0.60 (closing bid price) expiring on 9/20/2008. Cost is $9,810, and income from sale of the calls is $575 and includes your commissions. Annualized return if called is 347%.	$575	$9,810	$33,065
Buy 500 shares of FRONTIER OIL CORPORATION (FTO) at $19.19 (closing last trade price) and sell 5 call Out-of-the-Money contracts of FTO ID (Sep$20.00) at $1.15 (closing bid price) expiring on 9/20/2008. Cost is $9,615, and income from sale of the calls is $558 and includes your commissions. Annualized return if called is 102%.	$558	$9,615	$23,450
Buy 500 shares of CALPINE CORP (CPN) at $17.00 (closing last trade price) and sell 5 call Out-of-the-Money contracts of CPN IW (Sep$17.50) at $1.10 (closing bid price) expiring on 9/20/2008. Cost is $8,520, and income from sale of the calls is $533 and includes your commissions. Annualized return if called is 93%.	$533	$8,520	$14,930
Buy 1000 shares of REGIONS FINANCIAL CORP (RF) at $9.10 (closing last trade price) and sell 10 call Out-of-the-Money contracts of RF IB (Sep$10.00) at $0.55 (closing bid price) expiring on 9/20/2008. Cost is $9,120, and income from sale of the calls is $525 and includes your commissions. Annualized return if called is 161%.	$525	$9,120	$5,810
Totals for August:	$5,281	$75,970
Taking $2,000 out as income total leaves $3,281 that will be put back into portfolio and allowing another buy/write:	$3,281		$9,091
Buy 300 shares of CBRL GROUP INC (CBRL) at $28.81 (closing last trade price) and sell 3 call Out-of-the-Money contracts of CBQ IF (Sep$30.00) at $1.75 (closing bid price) expiring on 9/20/2008. Cost is $8,663, and income from sale of the calls is $511 and includes your commissions. Annualized return if called is 102%.	$511	$8,663	$939
Portfolio value at August 16, 2008 is $93,282* after $25,399 taken as income in seven months. Total return including income is *$118,681,** up 18.7%.

*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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