Bank of America (BAC, news, chart, volatility) calls are active. The stock is up 18 cents to $20.30 and 48,000 contracts have traded, roughly double the number of puts. The top two trades of the day traded less than fifteen minutes ago when 3,300 November 25 calls traded offerside for 18 cents and 3,300 of the 27.5s for a nickel. It appears to be part of a spread and, given the high levels of open interest and the fact that both contracts are well out of the money, it could be closing trades. Nevertheless, the overall sentiment towards BAC seems bullish late Friday and it follows Bloomberg reports earlier today that Merrill, which was recently acquired by Bank of America, is selling $4 billion of distressed debt securities. A spokesperson for the company declined to comment, according to the report.