You could try this. It converts your ellipse to a bitmap then uses that
bitmap picture as a watermark (a worksheet background behind the
cells). The only problem with this technique is that your whole
worksheet is covered with multiple copies of the ellipse. Also, the
watermark does not change size when you either change cell sizes or
zoom in or out. So, you would only use this technique if that didn't
matter. It won't matter if for this sheet
(1) your cells keep a constant size
(2) you don't need to scroll down or across to other parts of the sheet
where the other copies of the ellipse have been placed by Excel
(3) you don't need to zoom in or out

Follow these steps to make the watermark...

1. Draw the ellipse. Format it to have no fill. Position it on the
worksheet.
2. Draw a rectangle (AutoShape).Carefully adjust the rectangle's size
so that it is the same size as the visible area of your worksheet.
3. Format it to have no fill and no line.
4.With the invisible rectangle still selected, hold down the Shift key
while you select the Ellipse.
5. With the Ellipse and rectangle both selected go DrawGroup
6. Copy the Grouped drawing.
7.Open Windows Paint program. StartAll ProgramsAccessoriesPaint
8. In Paint go EditPaste then go FileSave and name the file "Ellipse"
(without the speech marks). Click OK to save.
9. Go back to your workbook then go FormatSheetBackground...
10. Type "Ellipse" (without the speech marks) in the Filename: box of
the dialog that appears, then click on the Insert button.
11. Small adjustments to cell sizes may be needed to get the relative
position of the Ellipse correct.

If you're not satisfied with the result just go FormatSheetDelete
background.

Ken Johnson