kenney, i'm going to start with you. we have the back and forth that has been going on and broiling this market all week. people spend. >> there is a lot of ifs in any of those statements. we're not going to get there in june for sure. one way or the other the market is stuck in this range. i don't really see the market doing anything. it's the end of the month. so you are going to have a lot of action tomorrow afternoon. >> steve, join the conversation if you would. where would you be putting capital to work given some of the uncertainty in volatility we have seen this week? >> you know, we think we are in a cyclical market here. maybe over 2,000 in the s&p. we may have some dips here in volatility about when the fed is going to start tightening. we're clearly moving added defense into offense. what we have been telling our clients is use that to continue to do that and get more cyclical in your portfolio. >> i know there are a couple. >> we like tech and financial. some of the emerging markets have really been clobbere

bob is with me as is kenney, director at o'neil securities and a cnbc contributor. you think it's more of the same. we knew what we. >> going to hear. >> and i think the fact is that not only did we hear but it was almost like a relief. we stalled right at the 1685ish level and it seems to me that is where the market will run into some resistance. we talk about this. it's just overdone. >> i think you're right. now they have the ultimate reason to kill the rally. mr. ber yeah key said nothing that would indicate they are changing position at all right now. >> what do you do in this market? >> the trend is your friend. you can't fight it. you can't get in the way of the speeding train. take some money off the table. >>> mr. bernanke didn't say once we start tapering off purchases we are going to keep tapering them off. he has put everyone on notice that it's going to go month by month. >> he has said nothing. >> to a great extent i think that's true. but to bob's last point when the market has always kind of interpreted the tapering as a continued tapering. and i thi

kenney and sharon tumblson lived near quick for years.heir kids played together every day. >> if there was 30 kids, she had 40 popsicles in her freezer, to make sure every kid had one. i mean you can't even explain what kind of woman she was. i mean she just... she was more than a neighbor. >> reporter: not all of the victims have been laid to rest. but justice memorials say they will all be remembered. >> jeff: vanita, thank you. flooding is still a problem in san antonio, texas, after record rain swamped the region yesterday and new storms today threaten more trouble. gary cooper of our cbs affiliate has the story. >> reporter: today san antonio and the surrounding brace for a second day of flash floods. at least two people drowned and one teen went missing after yesterday's unexpected downpour. in roughly six hours ten inches fell. the second most intense downpour in the city's history. the san antonio river broke over its banks, bernice sanchez says her grandson's house flooded with three feet of water. >> everything is wet. everythin

kenney, seema and jeff, they are doing a little selling here. >> we got that. we are seeing in kentucky derby terms, it's tepid. jobs coming back to the market and i think it's a great time. the risk/reward is here. i think there is about a 5% move to the downside. >> what do you think of that. >> i think that he's right in the sense that once he broke through 1600, you have had shorts building up. >> the current estimate for the year, multiply 15 by 110 and you get 1650. is there something unreasonable. which have all been showing real kwaekness. we're talking 165. >> the most important. >> absolutely. just over the last ten days. there is a couple of reasons for that. first we have been seeing a rotation of capital. >> gdp number, jobs data, analysts telling me, if companies feel better about the health of the economy. >> if you're taking money out of the market right now, where are you going to reinvest it? >> it's a great question. >> we had nearly 15% gains in the equity markets. due to the fact. >> he is looking at which other sectors investors. >> all up

kenney is here director of securities. jim, let me kick off with you. how precarious do you believe we are now positioned with a move that we have had in bonds? with the employment report coming to next week. the bond market could really sell off and the yields would spike significantly higher. >> i still, in absence of that, we haven't seen that number yet. the fed told us this week that we're not as close as the market is telling us. to call it a great rotation is getting ahead of ourselves. there is a slight notion that the fed may taper. but another thing that is pushing bond prices lower is we see what is happening with japan and we think maybe central banks can't compress rates as well as we previously thought that they could. i don't think it's any big sort of huge thing to worry about. i'll take 2.5 and lock it in for the long term? >> i have to tell you something, i don't think it's the end of the great rotation. the market is a discounting mechanism so it is looking beyond that. it will be at least august or september before that -- you may se

the majority owner is dave kenney.en most of the people had already left. he's already an 11-2 favorite to win. not much to overanalyze, not cheap. $380,000. for mike repole he has the money. he co-founded glassman. they sold it to coke for 4.1 billion in '07 t. horse had already made close to a million dollars. they bought the orb for $50,000. if dinney phipps wince, imagine, mandy the key with these horses, the real money is in stud fees. i don't have to explain to you what that means. >> no, you don't, this is a family channel as well. brian, since it is job's day. i understand that about 10,000 jobs are being created for the kentucky derby. >> yes, churchill downs employs about 12,000 people here. there will be about 60,000 fans here. chdn, churchill downs the stock hit a new high with other companies on this record-breaking friday. >> enjoy yourself. have some mint julips. we will catch it tomorrow on cnbc. coverage begins live at 8:00 a.m. on cable, race time, kick off 4 on cnbc. thanks for watching "closing bell

what kenney just said. your reaction.hnical reversal days like we had yesterday. >> there is one vote for the correction. is the smartest move to do nothing? >> we are seeing fragility to come back into the market. volumes here in the 1500 and in the treasury. right now it does feel different. let's rewind for one second. remember, ty, at 1600, that was the big level we had to get through before the unemployment. just 25 days ago. and now bam, here we are again. actually to 14. could get some vix products here. at the end of the day, i think jimmy is right. >> i was hoping there was something i could disagree with. >> vigorous agreement. thanks guys. have a great weekend if i don't see you before. picture may be worth 1,000 words but wait until you hear a few of the charming words behind this just released picture from time magazine. sit a great story and we will tell you to you next. plus a rare interview with the ceo of lenar. that and more when we return. >> from the bay to fen way what does your money buy you in bean

kenney, i will start with you. different from what we heard from mr. bernanke. so, what do you think of it? >> he protected himself. he gave himself an out no matter which way the data go. we spoke about this it's an august discussion, certainly not a june discussion. >> they have to be very measured in their approach. look, the intraday volatility will be the first sign and we're starting to see a little of that. we saw the market couldn't hold the gains yesterday and they are following through to the downside. really the story is rates. >> the overnight session was the same in terms of the volatility. >> you're starting to see that in some of the dividend sensitive stocks. we're starting to see the beginning. the bull is getting his cheeks tightened a little bit. >> the headline on usa today did it for me. basically said the bulls were on solid footing right now. that is an old media top of the market sign. >> when everyone starts telling me get all in and exactly when you need to be cautious. >> how do you hedge

because it makes it funny point, that bobby kennedy went home one day and told his dad, the famous joe kenney, that he'd wanted to be a catholic priest. with joe kennedy, he wanted his boys to be president. when bobby kennedy went home and told joe this, he said," bob, that would be great. we have never had a pope in the kennedy family before. it would be good to have one of those." i love that confidence, that attitude that my child to do anything. yes, there are too many children in this country who do not have the opportunity to get a good education. we like to say we are about equal opportunity. we need to change the way we educate our children. most of us will move to neighborhoods with great public schools. or we will save to send our kids to the private schools if that is what it takes. there are far too many kids who live in neighborhoods with bad local options. what do we do? there are a couple of things we have done in louisiana. i will start with a simple idea. make the dollars follow up the child. do not make the child followed the dollar. let me tell you what that means to us. we

because it makes it funny point, that bobby kennedy went home one day and told his dad, the famous joe kenney, that he'd wanted to be a catholic priest. with joe kennedy, he wanted his boys to be president. when bobby kennedy went home and told joe this, he said," bob, that would be great. we have never had a pope in the kennedy family before. it would be good to have one of those." i love that confidence, that attitude that my child to do anything. yes, there are too many children in this country who do not have the opportunity to get a good education. we like to say we are about equal opportunity. we need to change the way we educate our children. most of us will move to neighborhoods with great public schools. or we will save to send our kids to the private schools if that is what it takes. whoe are far too many kids live in neighborhoods with bad local options. what do we do? there are a couple of things we have done in louisiana. i will start with a simple idea. make the dollars follow up the child. do not make the child followed the dollar. let me tell you what that means to us. we foug

right here at table 12 4-year-old karen kenney debuted the new hairdo she cut all by herself.family enjoyed new flatbread appetizers like our freshly baked chipotle chicken flatbread from our $20 dinner for two. chili's -- more life happens here. oñ ♪ ♪ [ telephone rings ] how's the camping trip? well, the kids had fun but i think i slept on a rock. ♪ the best part of wakin' up ♪ what are you doing? having coffee. ohh. ♪ is folgers in your cup ♪ ♪ the joint is jumpin' ♪ [ male announcer ] osteo bi-flex helps revitalize your joints to keep 'em jumpin'.° like calcium supplements can help your bones osteo bi-flex can help your joints. osteo bi-flex... now available in all major retailers and warehouse clubs. i'll be right back. booop. hi, listen i think you could do better. oh no, he's a nice guy. no i'm talking about your yogurt. see dannon oikos is so rich and thick and smooth. so smooth. in a national taste test dannon oikos fat free strawberry flavor beat chobani 2 to 1. mmmm. stamos? look babe - i'm doing better. she means the yogurt. join us babe. try it for yourself. danno