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. Exercised get-out price at $16.07 after buying back calls at $0.17. Proceeds $8,015 after commission.	($102)		$12,087
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. Not called in March. Price at $31.38 and value $9,714 on 3/18/05. Sell 3 Apr35 at $0.80.	$225	still own shares	$12,087
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. Exercised get-out price at $16.07 after buying back calls at $0.17. Proceeds $8,015 after commission.	($102)		$20,102
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. Sell 4 Mar27.5 at $0.35. Called at $27.50 in March. Proceeds $10,980 after commission.			$31,082
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. Not called in March. Price at $37.82 and value $7,564 on 3/18/05. Sell 2 Apr40 at $1.35. Strike price lowered to 40, still above purchase price.	$257	still own shares	$31,082
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. Sell 3 Mar30 at $0.60. Called at $30 in March. Proceeds $8,980 after commission.			$40,062
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. Exercised get-out price at $9.35 after buying back calls at $0.06. Proceeds $8,395 after commission.	($78)		$48,457
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. Called at $17.5 in March. Proceeds $10,480 after commission.			$58,937
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. Not called in March. Price at $37.07 and value $7,414 on 3/18/05. Sell 2 Apr40 at $0.85.	$157	still own shares	$58,937
500 shares of OVTI purchased at $18.77 in February. Sell 5 Mar20 at $0.35. Exercised get-out price at $15.95 after buying back calls at $0.12. Proceeds $7,955 after commission.	($77)		$66,892
300 shares of SINA purchased at $25.52 in February. Sell 3 Mar30 at $0.60. Called at $30 in March. Proceeds $8,980 after commission.			$75,872
From Conservative "Stocks-to-Consider" for March 19, 2005
Buy 800 shares of AKS at $12.42. Sell 8 Apr15 at $0.30.	$218	$9,956	$65,916
Buy 700 shares of RMBS at $13.19. Sell 7 Apr15 at $0.35.	$225	$9,253	$56,663
Buy 300 shares of KOSP at $31.50. Sell 3 Apr35 at $1.45.	$421	$9,470	$47,193
Buy 200 shares of CECO at $37.10. Sell 2 Apr40 at $0.85.	$157	$7,440	$39,753
Buy 300 shares of SNDK at $28.01. Sell 3 Apr30 at $0.70.	$194	$8,423	$31,330
Buy 400 shares of ASKJ at $24.33. Sell 4 Apr25 at $0.85.	$324	$9,752	$21,578
Buy 300 shares of SLAB at $29.36. Sell 3 Apr30 at $1.10.	$316	$8,828	$12,750
Since there is a balance of over $10,000 we will buy another stock, this one from the aggressive list. Buy 300 shares of XMSR at $29.37. Sell 3 Apr30 at $1.15.	$330	$8,831	$3,919
Totals for March:	$2,466		$3,919
Portfolio value at March 18, 2005 is $100,724 after $2,466 taken as income.

*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 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.