It is a value play. Markets could sell off 500-1000 points and we would drop a few bucks. Warrants will continue the sideways action no matter what. On the other hand when AIG does break out, just a matter of time the warrants are the way to go. Earnings will tell the story and it won't take off until then.
I agree and the fact that the markets are at 5 year highs and AIG is still below $40 does not look good because you can bet your bottom dollar that when the markets pull back very soon AIG will get taken down once again :-(