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 April:			$2,937
600 shares of TTWO purchased in February at $15.88 and sell 6 contracts of TUO CW (Mar17.5) at $0.70 expiring on 3/18/2006. Not called in March. Price at $15.80 and value $9,480 on 3/17/2006. Sell 6 TUODW (Mar17.5) at $0.30. Not called in April. Price at $17.29 and value $10,374 on 4/21/2006. Sell 6 TUOEW (May17.5) at $0.75. Not called in May. Price at $15.01 and value $9,006 on 5/19/2006. Sell 6 TUOFW (Jun17.5) at $0.25.	+$131	still own shares	$2,937
600 shares of TTWO purchased in March at $15.80 and sell 6 contracts of TUO DW (Apr17.5) at $0.30 expiring on 4/22/2006. Not called in April. Price at $17.29 and value $10,374 on 4/21/2006. Sell 6 TUOEW (May17.5) at $0.75. Not called in April. Not called in May. Price at $15.01 and value $9,006 on 5/19/2006. Sell 6 TUOFW (Jun17.5) at $0.25.	+$131	still own shares	$2,937
700 shares of HOTT purchased in March at $13.77 and sell 7 contracts of UHO DC (Apr15) at $0.25 expiring on 4/22/2006. Not called in April. Price at $14.33 and value $10,031 on 4/21/2006. Sell 7 UHO EC (May15) at $0.25. Not called in May. Price at $14.67 and value $10,269 on 5/19/2006. Sell 7 UHO FC (May15) at $0.40.	+$260	still own shares	$2,937
600 shares of ITWO purchased in March at $16.14 and sell 6 contracts of JQDW (Apr17.5) at $0.35 expiring on 4/22/2006. Not called in April. Price at $17.34 and value $10,404 on 4/21/2006. Sell 6 JQEW (May17.5) at $0.75. Exercised get-out price at $13.71 on 5/11/2006 after buying back calls at $0.10. Proceeds $8,206 after commission.	($79)		$11,143
700 shares of TARO purchased in March at $14.25 and sell 7 contracts of QTTDC (Apr15) at $0.65 expiring on 4/22/2006. Not called in April. Price at $12.71 and value $8,897 on 4/21/2006. Sell 7 QTTEC (May15) at $0.15. Exercised get-out price at $12.11 on 5/12/2006 after buying back calls at $0.15. Proceeds $8,457 after commission.	($126)		$19,600
500 shares of CNCT purchased in March at $16.80 and sell 5 contracts of UXU DW (Apr17.5) at $0.65 expiring on 4/22/2006. Not called in April. Price at $15.36 and value $7,680 on 4/21/2006. Sell 5 UXUEW (May17.5) at $0.40. Exercised get-out price at $14.28 on 5/10/2006 after buying back calls at $0.10. Proceeds $7,120 after commission.	($69)		$26,720
500 shares of AXL purchased in April at $17.69 and sell 5 contracts of AXL ED (May$20.00) at $0.60 expiring on 5/20/2006. Not called in May. Price at $17.29 and value $8,645 on 5/19/2006. Sell 5 AXLFD (Jun20) at $0.20.	+$83	still own shares	$26,720
400 shares of CKCM purchased in April at $22.41 and sell 4 contracts of QCP EE (May$25.00) at $0.80 expiring on 5/20/2006. Exercised get-out price at $19.05 on 5/15/2006 after buying back calls at $0.20. Proceeds $7,620 after commission.	($96)		$34,340
500 shares of TRLG purchased in April at $18.44 and sell 5 contracts of ZJQ ED (May$20.00) at $0.75 (closing bid price) expiring on 5/20/2006. Exercised get-out price at $15.67 on 5/16/2006 after buying back calls at $0.15. Proceeds $7,815 after commission.	($93)		$42,155
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.	+$330	still own shares	$42,155
From Conservative "Stocks-to-Consider" for May 20, 2006
Buy 400 shares of MATK at $23.79 (closing last trade price) and sell 4 contracts of KQT FF (Jun$30.00) at $0.35 (closing bid price) expiring on 6/17/2006.	+$124	$9,536	$32,619
Buy 400 shares of GOLD at $20.01 (closing last trade price) and sell 4 contracts of GUD FX (Jun$22.50) at $0.55 (closing bid price) expiring on 6/17/2006.	+$204	$8,024	$24,595
Buy 400 shares of EPL at $22.73 (closing last trade price) and sell 4 contracts of EPL FE (Jun$25.00) at $0.35 (closing bid price) expiring on 6/17/2006.	+$124	$9,112	$15,483
Buy 600 shares of SPC at $16.00 (closing last trade price) and sell 6 contracts of SPC FW (Jun$17.50) at $0.30 (closing bid price) expiring on 6/17/2006.	+161	$9,620	$5,863
Totals for May:	$1,085
Portfolio value at May 20, 2006 is $89,185 after $1,085 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 2006. 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.