Alpha Natural Resources (ANR), which rallied 8.1 percent Friday on reports the company is seeking to expand its metallurgical coal holdings (Bloomberg), is down $1.05 to $50.49 midday Tuesday. Meanwhile, 10,370 March 55 calls traded. The top trade is 1500 at $3.60 when the market was $3.40 to $3.60. In all, 79 percent traded at the ask and, with open interest of just 221 contracts, it looks like call buyers are opening new bullish positions in ANR. Jan 49 puts and Jan 52.5 calls are seeing interest as well. Implied volatility is up 2.5 percent to 47.