Amylin Pharmaceuticals (AMLN) is up 67 cents to $12.51 and sentiment in the options market seems somewhat bullish Wednesday. 11,000 calls traded so far, or about 6X the expected for midday (840 puts.) August 12.5 calls are the most actives, with most of today’s 6,800 contracts traded mid-market (between bid and offer). Meanwhile, it appears that buyers dominating the action in July 12.5 and 15 calls. No news on AMLN today, but the stock has seen interest in the past on unsubstantiated talk partner Eli Lilly (LLY) might make a bid for AMLN. Meanwhile, the stock is facing an important resistance area at $12.5. The pattern appears to be an ascending wedge that, if the resistance gives way, could signal a new leg higher in the stock’s recent uptrend (chart).