Covered Call Analyzer from Investment Enhancing Systems, Inc.

The Covered Call Analyzer

100,0000 Retirement Portfolio Trades for May 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 April:			$5,205
From Conservative "Stocks-to-Consider" for February 16, 2008 and putting $10,000 into the money available field.
500 shares of IDCC at $18.76 and sell 5 contracts of DAQ CD (Mar$20.00) at $0.90 expiring on 3/22/2008. Not called on March 22, 2008 expiration weekend), price at $19.46, and value including call premium is $10,745, up +14.3%. Will now sell Apr20 at $1.20 expiring on April 22, 2008. Not called on April 19, 2008 (expiration weekend), price at $18.82, and value including call premium is $10,807, up +15.0%. Will now sell May20 at $0.80 expiring on May 17, 2008. Called on May 17 at $20.00. Proceeds $9,980 after commission.	.	.	$15,185
From Conservative "Stocks-to-Consider" for March 22, 2008 and putting $10,000 into the money available field.
400 shares of SRZ at $20.45 and sell 4 contracts of SRZ DE (Apr$25.00) at $0.80 expiring on 4/19/2008. Not called on April 19, 2008 (expiration weekend), price at $21.49, and value including call premium is $9,204, up +12.2%. Will now sell May25 at $0.80 expiring on May 17, 2008. Called on May 17 at $25.00. Proceeds $9,980 after commission.	.	.	$25,165
From Conservative "Stocks-to-Consider" for April 19, 2008 and putting $10,000 into the money available field.
Buy 400 shares of TESSERA TECHNOLOGIES (TSRA) at $20.63 (closing last trade price) and sell 4 contracts of TJQ EE (May$25.00) at $0.75 (closing bid price) expiring on 5/17/2008. Cost is $8,272, and income from sale of the calls is $284 and includes your commissions. Annualized return if called is 306%. Exercised get-out price at $17.54 (-15%) on May 9 after buying back calls at $0.05. Proceeds $6,996 after commission.	($39)	.	$32,161
Buy 500 shares of FIRSTFED FINANCIAL CORP (FED) at $17.06 (closing last trade price) and sell 5 contracts of FED ED (May$20.00) at $0.80 (closing bid price) expiring on 5/17/2008. Cost is $8,550, and income from sale of the calls is $383 and includes your commissions. Annualized return if called is 270%. Exercised get-out price at $14.50 (-15%) on April 22 after buying back calls at $0.05. Proceeds $7,230 after commission.	($41)	.	$39,391
Buy 500 shares of FLOTEK INDUSTRIES INC (FTK) at $17.60 (closing last trade price) and sell 5 contracts of FTK ED (May$20.00) at $0.80 (closing bid price) expiring on 5/17/2008. Cost is $8,820, and income from sale of the calls is $383 and includes your commissions. Annualized return if called is 223%. Not called on May 17, 2008 (expiration weekend), price at $17.00, and value including call premium is $9,390, up +6.5%. Will now sell Jun20 at $1.05 expiring on June 21, 2008.	$507	still own shares	$39,391
Buy 300 shares of CLEAR CHANNEL COMM INC (CCU) at $28.51 (closing last trade price) and sell 3 contracts of CCU EZ (May$32.50) at $1.15 (closing bid price) expiring on 5/17/2008. Cost is $8,573, and income from sale of the calls is $331 and includes your commissions. Annualized return if called is 221%. Called on May 17 at $32.50. Proceeds $9,730 after commission.	.	.	$49,121
Buy 400 shares of CONTINENTAL AIRLINES B (CAL) at $21.86 (closing last trade price) and sell 4 contracts of CAL EE (May$25.00) at $0.65 (closing bid price) expiring on 5/17/2008. Cost is $8,764, and income from sale of the calls is $244 and includes your commissions. Annualized return if called is 213%. Exercised get-out price at $18.58 (-15%) on April 22 after buying back calls at $0.05. Proceeds $7,412 after commission.	($39)	.	$56,533
Buy 400 shares of NUTRISYSTEM INC (NTRI) at $20.01 (closing last trade price) and sell 4 contracts of NSI EX (May$22.50) at $0.75 (closing bid price) expiring on 5/17/2008. Cost is $8,024, and income from sale of the calls is $284 and includes your commissions. Annualized return if called is 198%. Not called on May 17, 2008 (expiration weekend), price at $21.48, and value including call premium is $9,200, up +14.7%. Will now sell Jun22.5 at $0.85 expiring on June 21, 2008.	$324	still own shares	$56,533
Buy 800 shares of AMERICREDIT CORP (ACF) at $11.37 (closing last trade price) and sell 8 contracts of ACF EV (May$12.50) at $0.55 (closing bid price) expiring on 5/17/2008. Cost is $9,116, and income from sale of the calls is $418 and includes your commissions. Annualized return if called is 180%. Called on May 17 at $12.50. Proceeds $9,980 after commission.	.	.	$66,513
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.	$122	still own shares	$66,513
Buy 700 shares of E-HOUSE CHINA HLDGS ADS (EJ) at $14.05 (closing last trade price) and sell 7 contracts of EJ EC (May$15.00) at $1.00 (closing bid price) expiring on 5/17/2008. Cost is $9,855, and income from sale of the calls is $680 and includes your commissions. Annualized return if called is 169%. Called on May 17 at $15.00. Proceeds $10,480 after commission.	.	.	$76,993
From Conservative "Stocks-to-Consider" for May 17, 2008 and putting $10,000 into the money available field.
Buy 500 shares of CONTINENTAL AIRLINES B (CAL) at $17.96 (closing last trade price) and sell 5 contracts of CAL FD (Jun$20.00) at $0.85 (closing bid price) expiring on 6/21/2008. Cost is $9,000, and income from sale of the calls is $408 and includes your commissions. Annualized return if called is 163%.	$408	$9,000	$67,993
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%.	$358	$9,140	$58,853
Buy 700 shares of AMERICREDIT CORP (ACF) at $14.10 (closing last trade price) and sell 7 contracts of ACF FC (Jun$15.00) at $0.50 (closing bid price) expiring on 6/21/2008. Cost is $9,890, and income from sale of the calls is $330 and includes your commissions. Annualized return if called is 99%.	$330	$9,890	$48,963
Buy 300 shares of BIG LOTS INC (BIG) at $28.61 (closing last trade price) and sell 3 contracts of BIG FF (Jun$30.00) at $1.35 (closing bid price) expiring on 6/21/2008. Cost is $8,603, and income from sale of the calls is $391 and includes your commissions. Annualized return if called is 96%.	$391	$8,603	$40,360
Buy 400 shares of NUTRISYSTEM INC (NTRI) at $21.48 (closing last trade price) and sell 4 contracts of NSI FX (Jun$22.50) at $0.85 (closing bid price) expiring on 6/21/2008. Cost is $8,612, and income from sale of the calls is $324 and includes your commissions. Annualized return if called is 86%.	$324	$8,612	$31,748
Buy 400 shares of STERLITE IND INDIA ADS (SLT) at $21.82 (closing last trade price) and sell 4 contracts of SLT FX (Jun$22.50) at $1.00 (closing bid price) expiring on 6/21/2008. Cost is $8,748, and income from sale of the calls is $384 and includes your commissions. Annualized return if called is 76%.	$384	$8,748	$23,000
Buy 300 shares of WILLIAMS SONOMA INC (WSM) at $26.98 (closing last trade price) and sell 3 contracts of WSM FY (Jun$27.50) at $1.35 (closing bid price) expiring on 6/21/2008. Cost is $8,114, and income from sale of the calls is $391 and includes your commissions. Annualized return if called is 68%.	$391	$8,114	$14,886
Buy 400 shares of NVIDIA CORP (NVDA) at $24.41 (closing last trade price) and sell 4 contracts of UVA FE (Jun$25.00) at $1.00 (closing bid price) expiring on 6/21/2008. Cost is $9,784, and income from sale of the calls is $384 and includes your commissions. Annualized return if called is 64%.	$384	$9,784	$5,102
Totals for May:	$3,804
Taking $2,000 out of income total leaves $1,804 that will be put back into portfolio:	$1,804		$6,906
Portfolio value at May 17, 2008 is $103,622* after $19,203 taken as income in five months. Total return including income is $122,825*, up 22.8%.

*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 2008.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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