Investors can't seem to be content with the return of record highs

"People are just nervous of new highs," says SunTrust chief markets strategist Keith Lerner when asked about the one big concern his firm's clients are voicing right now. "We are in the second longest expansion and we have this great bull market -- the second longest of all time -- and I think people are nervous about when are we going to turn to the other side."

That nervousness and fear of missing out (commonly known as 'FOMO' on Wall Street) may be key factors in helping to push stock prices back to late January highs. Lerner says he isn't seeing euphoria in the markets, just an appreciation for a still strong investment case for equities.

One sector that isn't playing in the return of market highs is the once popular FANG (Facebook (FB - Get Report) , Apple (AAPL - Get Report) , Netflix (NFLX - Get Report) , Alphabet (GOOGL - Get Report) ) stock complex. 

What Lerner told TheStreet about risks to the broader market rally