Stocks Start Week With a Bang – Can it Last?

After three day of losses, the Dow Jones Industrial Average is starting off the new week up over .80 percent in early trading, rising�close to triple digits to take it above 12,030.

Leading the charge for the Dow was Bank of America (NYSE: BAC), up more than�3%.� At under $11, Bank of America is being viewed as too cheap to pass over despite its loan problems.� Bank of America is still trading about a third below its 52 week high, more than 1% beneath the 20 day moving average, over 7%below the 50 day moving average, and 16%beneath its 200 day moving average.� The relative strength index for Bank of America is almost 44, with 30 the benchmark for being considered to be oversold.

InvestorPlace.com has widely covered the prospects of bargains in Bank of America and other financial stocks. Here are a few recent articles:

• Best mutual funds for the financial sector
• Why Bank of America is a bargain
• 3 banks for the Greek debt crisis
• Why Bank ETFs are a buy

Also going over 2% higher in the morning session was Microsoft (NASDAQ: MSFT).� Techs were pounded last week by poor reports from Oracle (NASDAQ: ORCL) and Micron Technology (NASDAQ: MU).� A recent article in Bloomberg Businessweek pointed out that tech stocks are trading at their cheapest valuations since 1998.� Microsoft is down almost 15%from its 52 week high.� It is trading more than 2%� over its 20 day moving average.

General Electric (NYSE: GE) was also up strong early at a more than 1.3% gain.� At over 18, GE is almost 36% above its 52 week low.�� It is trading beneath its 20 day, 50 day, and 200 day moving averages.

The only two Dow stocks down in early trading, and both well under one percent, were Dupont Corporation (NYSE: DD) and Intel Corp (NASDAQ: INTC).

Down about 0.7 percent�in the mid-$51 range, Dupont is up more than 58% from its year low.� Dupont is trading around 2%lower than its 50 day moving average.� With a relative strength index of 49.95, Dupont has not been overbought as the standard for that is considered to be 70.

Intel Corporation was down under 0.2%.� Techs suffered on Friday due to the poor reports from Oracle and Micron Technology.� Intel was also downgraded earlier this month by FBR Capital.� At just over $21, Intel is trading over its 200 day moving average, but beneath the 20 and 50 day moving averages.� Intel is up more than 23% from its 52 week low, but is almost 12% beneath its high for the same period.

Jonathan Yates does not own any of the stocks mentioned in this article.