jeff kleintop is recommending a little sunscreen for your portfolio, michelle. >> a little sunscreen?g to join us now along with david darst from morgan stanley wealth management as well. all right, jeff, you brought a cool metaphor on a friday before the memorial day holiday. what do you mean by sunscreen for your portfolio? >> well, you know, as the markets may be go from a gallup higher to a grind higher this summer, maybe we have a good bit of volatility. we have a lot of big events at the end of the summer. what the fed is going to do, the whole debt ceiling issue coming to head, the germany elections. you might get some volatility this summer. >> so investors could get burned? >> i was waiting for him to say that. >> sorry, that's what i was getting to. way too long to get there. that's the idea. instead of getting burned, think about a little cash, a little sunscreen, but as a summer rental for your portfolio until you find something you really want to buy. >> not to be outdone, david darst was giving me an alphabet lesson during the commercial break. >> we think the bond yield

today's "closing bell" exchange, jeff kleintop, john meryl, and our own rick santelli. welcome to one and all. quint, let me begin with you. you have been, you say, relatively cautious for some time now. and you still have a lot of your assets in cash, dry powder. what would it take to make you put some of that money to work and why are you so defensive now? >> it's been tough. it's been to our detriment that we've been overly cautious to see this market on a tear. quite frankly, we didn't put a lot of faith and credit that the fed would be able to push this as high as it's gone. now that it's broken out, it's tough to argue with the strength in the market. we still believe that there are a lot of areas that are very, very extended, that are propelling the indices higher. so it's very tough to put a lot of capital to work. but we're finally, finally starting to see some value, i think what you're going to hear over the next several weeks is we're going to start to see the inflation trade start to rear its head. now, i don't think you're going to start to see that in the