Strategas' Chris Verone talks cracks in the technical market picture

• Micron and other semiconductor stocks are in a 'manic melt-up' mode, significantly overextended above moving averages, suggesting a need for risk management.
• Cracks are appearing in bank stocks like Wells Fargo, JP Morgan, and Bank of America, linked to the flattening yield curve, indicating a narrowing financial sector rally.
• Consumer discretionary stocks are performing poorly, contrasting with previous market rallies, while energy stocks have been flat since late February, despite strong performance in basic resource names like BHP and Rio.

Strategas' Chris Verrone discusses emerging technical cracks in the market despite the recent 'melt-up' mode. He highlights extreme overextension in some tech stocks, weakness in certain bank names due to the flattening yield curve, and poor performance in consumer discretionary, advising investors to be on alert and manage risk.