Alpha Natural Resources (ANR, news, chart, volatility) saw bullish trading amid a recovery in the coal stocks Tuesday. The Market Vectors Coal Fund (KOL), which was down 40 percent month-to-date prior to today, gained $2.25 to $29.44. ANR was one of the stars of the show, rallying $8.02, or 18.5 percent, to $51.43. In the options market,13,000 ANR calls and only 634 puts traded on the day. The volume included a block of 5,000 January 65 calls traded offerside for $5.50 and 5,000 of the January 85 calls traded bidside for $1.10. With open interest of 273 in the 65s and 781 in the 85s, the volume appears to be the opening of a substantial bull call spread. If so, the strategist bought the 65s, sold the 85s, and paid a net debit of $4.40 per spread. The potential payoff is $15.60 if ANR rallies above $85.00, or 64.6 percent, by January options expiration (108 days).