The stock closed at $9.91 on Tuesday and used the line as a springboard to pop 5.5% on Wednesday closing at $10.46.
One fly in the ointment: There were an awful lot of out-of-the-money calls traded with very short time to expiration:
...Overall options volume on BAC is above 400,000 contracts as of 11:50 a.m. ET in New York, versus the stock’s average daily options volume of 295,930 contracts. The bulk of the trading traffic is in Bank of America call options, with the call-to-put ratio up above 3.5-to-1 in the first half of the session. Fresh interest in out-of-the-money calls with two full trading sessions remaining to expiration attracted buyers this morning, with nearly 25,000 calls in play at the Dec. 07 ’12 $10.5 strike against open interest of 2,940 contracts. Time and sales data suggests most of the $10.5 strike calls were purchased for an average premium of $0.03 apiece....-Phil's Stock World
Look for a positive open that will tease the $10.50's but no follow-through until Monday at the earliest.