Today's Outrage: Financial Stocks Crowd Out S&P

I'm worried about the big swings going on among stocks listed in the S&P 500.

Suddenly there is extreme enthusiasm for financial stocks, which have leapfrogged from the bottom of the rankings to the top.

Look at Huntington Bancshares (HBAN Quote) whose stock more than tripled so far in the second quarter, back from the dead considering it was the S&P's worst performer in the first quarter with a 78% decline. Fifth Third(FITB Quote), too - now No. 3 in the S&P after more than doubling following a 65% plunge in the first quarter.

And there's Lincoln Financial (LNC Quote) placing sixth after rising 142% so far in the second quarter following its 64.5% fall in the first quarter to place fourth from the bottom.

Clearly, gains come quicker after such a beating, but such swings imply huge instability in the market. Pendulums swing in both directions equally fast.

Meanwhile, the first-quarter winners have been crowded out of the top. Sprint(S Quote), the first-quarter's best performer with a 95% surge is no longer in the top 10 in the second quarter. Also gone from the top ranks is Whole Foods, whose 78% advance in the first quarter placed it third from the top after Sun Microsystems(JAVA Quote), which benefited from its flirtation with IBM (IBM Quote) before succumbing to Oracle's (ORCL Quote) charms.