I'm worried about the big swings going on among stocks listed in the
Suddenly there is extreme enthusiasm for financial stocks, which have leapfrogged from the bottom of the rankings to the top.
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.
, too - now No. 3 in the S&P after more than doubling following a 65% plunge in the first quarter.
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.
, 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
, which benefited from its flirtation with
before succumbing to
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
, with a 32% increase,
(the parent company of the University of Phoenix) with a 29% gain, and oil giant
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
. Previously, he served as deputy editor and chief innovation officer at
The Orange County Register
and as a news manager at
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
in Fort Wayne, Ind. His work also has been published in a variety of newspapers including
The Wall Street Journal
The New York Times
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.