For the last few weeks, IO's been trading in lockstep with the S&P; SPX goes up? IO goes up. SPX goes down? IO goes down HARD.

But now? Now it's holding steady. Volatility's gone. It looks to me like it's getting ready to break out, at long last. I don't see why it's trading this low, anyway. Not after that JV deal.

One of these days, they're gonna start announcing new contracts, and this thing is going to TAKE. OFF.