Covered Call Analyzer from Investment Enhancing Systems, Inc.

The Covered Call Analyzer

$100,0000 Retirement Portfolio Trades for September 2008

We suspended our get-out rule on September 15, 2008 due to volatility. They continue suspended.

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 August:			$939
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. Exercised get-out price at $8.59 (-15%) on August 18 after buying back calls at $0.05. Proceeds $7,700. Final value including sale of all calls is $8,256, down (9.6%).	($69)		$8,639
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%.Called on September 20 at $25.00. Proceeds $9,980 after commission. Total return including call premium is $11,064, up 13.4%.	.	.	$18,619
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%. Called on September 20 at $10.00. Proceeds $10,980 after commission. Total return including call premium is $11,834, up 18.5%.	.	.	$29,599
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%. Exercised get-out price at $15.41 (-15%) on September 5 after buying back calls at $0.05. Proceeds $7,685. Final value including sale of all calls is $8,345, down (8.1%).	($43)		$37,284
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%. Exercised get-out price at $5.92 (-15%) on August 20 after buying back calls at $0.05. Proceeds $8,268. Final value including sale of all calls is $8,856, down (9.4%).	($101)		$45,552
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%. Not called on September 20. Price at $10.40 and value at $12,550 at 9/20/2008. Will now sell Oct10 at $1.60. Note that we have lowered the strike price because it is above the purchase price.	$1,575	still own shares	$45,552
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%. Called on September 20 at $20.00. Proceeds $9,980 after commission. Total return including call premium is $10,537, up 9.6%.	.	.	$62,667
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%. Not called on September 20. Price at $14.31 and value including sale of call premiums is $7,688 at 9/20/2008, down (9.4%). Sold all shares at $14.31 to close out position on September 20. Proceeds $7,135 after commission.	.	.	$69,802
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%. Called on September 20 at $10.00. Proceeds $9,980 after commission. Total return including call premium is $10,505, up 15.2%.		.	$79,782
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%. Not called on September 20. Price at $29.00 and value at $9,721, up 12.2%, at 9/20/2008. Will now sell Oct30 at $1.75.	$510	still own shares	$79,782
From Conservative "Stocks-to-Consider" for September 20, 2008 and putting $10,000 into the money available field.
Buy 500 shares of CONTINENTAL AIRLINES (CAL) at $18.40 (closing last trade price) and sell 5 call Out-of-the-Money contracts of CAL JD (Oct$20.00) at $1.95 (closing bid price) expiring on 10/18/2008. Cost is $9,220, and income from sale of the calls is $958 and includes your commissions. Annualized return if called is 246%.	$958	$9,220	$70,562
Buy 1000 shares of E-HOUSE CHINA HLDGS ADS (EJ) at $9.50 (closing last trade price) and sell 10 call Out-of-the-Money contracts of EJ JB (Oct$10.00) at $0.55 (closing bid price) expiring on 10/18/2008. Cost is $9,520, and income from sale of the calls is $525 and includes your commissions. Annualized return if called is 138%.	$525	$9,520	$61,042
Buy 600 shares of CALPINE CORP (CPN) at $14.31 (closing last trade price) and sell 6 call Out-of-the-Money contracts of CPN JC (Oct$15.00) at $0.90 (closing bid price) expiring on 10/18/2008. Cost is $8,606, and income from sale of the calls is $521 and includes your commissions. Annualized return if called is 139%.	$521	$8,606	$52,436
Buy 300 shares of ICICI BANK LTD ADS (IBN) at $27.99 (closing last trade price) and sell 3 call Out-of-the-Money contracts of IBN JF (Oct$30.00) at $1.75 (closing bid price) expiring on 10/18/2008. Cost is $8,417, and income from sale of the calls is $511 and includes your commissions. Annualized return if called is 169%.	$511	$8,417	$44,019
Buy 300 shares of TEREX CORP (TEX) at $33.18 (closing last trade price) and sell 3 call Out-of-the-Money contracts of TEX JG (Oct$35.00) at $1.75 (closing bid price) expiring on 10/18/2008. Cost is $9,974, and income from sale of the calls is $511 and includes your commissions. Annualized return if called is 136%.	$511	$9,974	$34,045
Buy 700 shares of GERDAU SA ADS (GGB) at $14.22 (closing last trade price) and sell 7 call Out-of-the-Money contracts of GGB JC (Oct$15.00) at $0.70 (closing bid price) expiring on 10/18/2008. Cost is $9,974, and income from sale of the calls is $470 and includes your commissions. Annualized return if called is 130%.	$470	$9,974	$24,019
Buy 400 shares of FRONTIER OIL CORPORATION (FTO) at $21.63 (closing last trade price) and sell 4 call Out-of-the-Money contracts of FTO JX (Oct$22.50) at $1.25 (closing bid price) expiring on 10/18/2008. Cost is $8,672, and income from sale of the calls is $484 and includes your commissions. Annualized return if called is 122%.	$484	$8,672	$15,347
Buy 500 shares of B E AEROSPACE INC (BEAV) at $18.71 (closing last trade price) and sell 5 call Out-of-the-Money contracts of BQV JD (Oct$20.00) at $0.85 (closing bid price) expiring on 10/18/2008. Cost is $9,375, and income from sale of the calls is $408 and includes your commissions. Annualized return if called is 144%.	$408	$9,375	$5,972
Totals for September:	$6,329	$73,758
Taking $2,000 out as income total leaves $4,329 that will be put back into portfolio and allowing another buy/write:	$4,329		$10,301
Buy 400 shares of DENBURY RESOURCES INC (DNR) at $23.17 (closing last trade price) and sell 4 call Out-of-the-Money contracts of DNR JE (Oct$25.00) at $1.05 (closing bid price) expiring on 10/18/2008. Cost is $9,288, and income from sale of the calls is $404 and includes your commissions. Annualized return if called is 157%.	$404	$9,288	$1,417
Portfolio value at September 20, 2008 is $102,716* after $27,399 taken as income in seven months. Total return including income is *$130,115,** up 30.1%.

*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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