(MONEY Magazine) – Financial services now make up 22% of the S&P 500--a record for the sector. Bears note that historically such high sector weightings have been followed by significant stock price drops. So does that mean financial stocks are doomed? Not necessarily. "A high weighting should be a watch, not a sell, signal," says Sam Stovall of S&P. He points to the mid-'70s, when energy's portion of the index reached its own record. Investors who abandoned energy then would have missed out on that sector's explosive growth. --STEPHANIE D. SMITH