Intrepid Potash (IPI) is seeing relative strength and active options trading on the heels of upbeat earnings guidance from Potash (POT) — see POT 9:40 color. IPI is up $3.23 to $31.65 and options volume is 6X the recent average daily, with 14K calls and 3000 puts traded. The action is scattered across March and April calls with strike prices ranging from 29 to 35. Implied volatility is easing about 3 percent to 39.