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) - Get Report

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) - Get Report

, 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) - Get Report

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) - Get Report

, 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)

, which benefited from its flirtation with

IBM

(IBM) - Get Report

before succumbing to

Oracle's

(ORCL) - Get Report

charms.

Looking back to the final quarter of 2008, we've seen a drastic shift from the old staples and safety stocks that investors favored during the financial meltdown. The fourth-quarter winners included agriculture and commodities conglomerate

Archer Daniels Midland

(ADM) - Get Report

, with a 32% increase,

Apollo Group

(APOL)

(the parent company of the University of Phoenix) with a 29% gain, and oil giant

Sunoco

(SUN) - Get Report

with 22% growth.

Those have all disappeared from the top. In fact, Apollo dropped to the bottom with a 25% decline so far in the second-quarter to place third worst.

So consider Apollo when pondering whether the S&P pendulum will keep swinging. That Phoenix flared out in just five months.

Hall is the editor of

TheStreet.com

. Previously, he served as deputy editor and chief innovation officer at

The Orange County Register

and as a news manager at

Bloomberg News

in Frankfurt, Amsterdam and Washington, D.C. As a reporter, he covered business and financial markets, worked in both print and television in the U.S. and Europe, and conducted in-depth investigative coverage at

The Journal-Gazette

in Fort Wayne, Ind. His work also has been published in a variety of newspapers including

The Wall Street Journal

,

The New York Times

and

International Herald Tribune

. Hall received a bachelor�s degree in journalism and political science from The Ohio State University and has taken graduate management science courses at Boston University.