A huge block of April 7 calls bought on Wednesday for $0.21 was worth twice as much just a day later. Yesterday traders were even more aggressive as they shifted to the March 8 calls, with about 15,000 contracts going for for $0.07 to $0.11.
Calls fix the price investors must pay to buy a stock. That gives them big leverage if it rallies, but they can also lose everything if it fails to move.
Bank of America closed at $6.31, up 8.61 percent on the day and 13 percent since 2012 began. The next big event for the stock could be on Jan. 19, when earnings come out before the bell.
—Najarian owns BAC calls.
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Pete Najarian is a professional investor, CNBC contributor, regular co-host of CNBC's "Fast Money" and co-founder of OptionMonster.com.