PCX – Patriot Coal Corp. – Coal producer, Patriot Coal Corp., attracted bullish options investors during the session with the value of its shares rallying as much as 4.65% in morning trading to touch an intraday high of $11.69. Positioning in PCX calls across several expiries today suggests some traders are hoping to see the price of the underlying stock continue to rebound. Patriot’s shares, using today’s high of $11.69, are still down 51.8% since April 26, 2010, when the stock reached its 52-week high of $24.25. Bulls hoping to see the coal company’s shares extend gains picked up at least 3,250 calls at the September $12 strike for an average premium of $0.28 each. Call buyers are poised to profit should PCX shares rally another 5.05% to trade above the average breakeven price of $12.28 by expiration day next week. More than 7,240 calls changed hands at the September $12 strike by 1:30 pm ET versus previously existing open interest of 3,113 lots. Optimism spread to the October $12 strike where another 1,000 calls were purchased for premium of $0.72 a-pop. Investors looking for a more significant upward shift in share price scooped up 1,000 calls at the higher October $14 strike for an average premium of $0.25 apiece. Traders holding these contracts make money if the coal producer’s shares jump 21.9% over today’s high of $11.69 to surpass the average breakeven point at $14.25 by October expiration. Shares last traded above $14.25 back on June 23, 2010. The increase in demand for call options on the stock earlier boosted Patriot’s overall reading of options implied volatility 8.78% to an intraday high of 65.48%.