The rally in the bank stocks sputtered last week, but it didn't seem to bother Wall Street. Indeed a sigh of relief could be heard as the stocks' momentum slowed.

"Financial stocks have been the most spectacular part of this market," said Hugh Johnson, chief investment officer of First Albany Corp. "There may be a 5% to 10% correction, and then maybe we can get some sobriety back into this market."

Subscribe Now

Access to authoritative analysis and perspective and our data-driven report series.

14-Day Free Trial

No credit card required. Complete access to articles, breaking news and industry data.