Sold $GBR; Long $NDRAW, $SORL
Sold $GBR for a small loss or mostly flat. $USO has been strong but $GBR continues to trade sideways with decreasing volume. Think it risks losing the $2 level and could see $1.80s soon thereafter. Don’t want to stay in to find out. Best to cut losses and watch from the sidelines.
Use proceeds to buy 10K warrants in Endra ($NDRAW) @ 88¢. This is a small diagnostic imaging company that is potentially at an inflection point. I am choosing to do a play in warrants vs. commons in this account for a couple of reasons:
I am just jaded trading $NDRA commons and with data imminent, I still don’t know how the market will react to their data in short term. Warrants give me an opportunity to take a longer term view of the investment that allows for a decent runway for the company to execute their strategy
I have bought a small 15K position in $NDRA commons in one of my other accounts so that will take care of exposure to Endra commons
Below is my back of the napkin math on potential opportunity that warrants could offer if the Endra story gets legs:
On a separate note, bought a small position of 2,000 shares in $SORL just over $3. This is a beat-down Chinese auto parts company that is known to make big moves on positive earnings. I plan to hold my position through the upcoming ER.
