we're back with mark sebastian and steve forbes and kmele foster.ll detroit come back and if so how? >> it can only come back if it has the right tax and regulatory environment.% getting outsiders. you're seeing some of that happen. if they want to be another silicon valley he have they have to have the right environment for that. they have institutions of highe% learning in michigan. they have to have environment bringing in outsiders who want to do something starting with very little. sure it can come back. pittsburgh has come back. other cities come back. key thing, get the right environment. david: kmele, steve mentioned pittsburrh. i remember verr well pittsburgh was considered dead as a doornail and it has come back. could it come back with detroit? >> detroit'' problems develop adlong time ago. they developed over a period of time. the same thing could happen for detroit but other municipal governments across the country. for bondholders to take the hit. for them to internalize that suffering and enforce a bit of discipline on various% govern

mark sebastian down at the cme. mark, i would like to begin with you. the s&p over the past previous five sessions was in very narrow trading range, one point here, one point there, lots of records. today it broke out and saw more conviction. why do you think that is? >> i think that builder confidence number. that was pretty big. i think that bringing to whole story how s&p is going to rally from here. i think we need to change our interest rate story. the 10-year note is still around 2.3. it has not broken 2.5 in a long time. i don't think the fed will raise rates in 2015. let's think about the cover they have. the dollar has been really strong. energy prices are falling. incomes are not growing. so they have got all sorts of reasons not to raise rates of the so what does that do? that keeps interest rates low. what does that do? that causes builders to want to build. makes financing easier. you add in the new rules for fannie and freddie, 3% down and now we're talking about the ability for housing to really start to take off which could then be the l

mark sebastian in pits of cme. we begin with mark. i don't know where to start. we have three, four, five records here. >> unbelievable the momentum of the market. until something changes that we creep higher. we come out of the funk, huge selloff followed by a major pop. the markets are starting to look what it looked like during august with the slow, creeping, daily up days of you know, half a percent, a quarter of a percent. the one thing that draws my interest is the vix, volatility index. last time we were all-time high. that was near 12. now it is near 14. that shows there is still pent-up fear in the market. traders are still afraid of another potential wash out. i don't know where that would come from. i think we've really got a lot of the news out. maybe in hong kong blew up again that could be something that would drive us lower but you know we saw a little bit of correlating with oil last couple days. that seems to be breaking apart. so you know unless something really surprises us tomorrow toward the downside on the non-farms i think tomorrow could be

we're going off the charts to take a closer look at what they might be saying with the help of mark sebastiane founder of optionpit.com, as well as being our resident vix expert on "mad money," he's been nailing this vix nine ways to sunday. here's the issue, even though the volatility index is at historically low levels right now, trading at $12 and change, okay, the reality is that in the last few weeks, whatever market volatility there was has completely vanished. in fact, sebastian points out while the s&p 500 is just a few points off all-time highs today, the vix, bizarrely, is more than two points higher than where it was the last time the s&p was making new highs. that's an anomaly. remember, when the market's climbing, we want the vix at low levels, signaling stocks could soon be taking a turn to the worse, which is why we talk about it. back in the summer, june and july, pretty darn frequently, the vix was trading at 10.5, and if it was a 10.5 right now, sebastian says he'd be completely comfortable with this rally, no worries, but it's not. the vix, which is a really pretty good pro

sebastian was throwing rocks when he fell over the edge. a 200-foot drop. >> probably one of the most, technically difficult areas to get rescuers down into. >> reporter: firefighter mark obarro found sebastian face down on the rocks. that's when the cliff rescue hero shifted from trained firefighter to experienced father. >> asking if his favorite character is spider man, super man, just letting him know that his mom is on top waiting for him. not sure what he's comprehending but just making sure he stays with us. >> reporter: the helicopter was unable to take off to fly the boy to the hospital. that helicopter is still grounded today. the beauty is what draws people, and also what makes it dangerous. today parents are holding their children a little tighter. >> gee, that's amazing. he definitely has some angels watching over him. >> reporter: not all angels have wings, some swoop in with a basket and a badge. >> today it's a good day. it's one for the win column. >> and for those rescuers, it's amazing. >> i like that, one for the win column. >>> we're tracking a change from the weather tonight and it should be much needed rain tomorrow. >> bill martin in the weather

sebastian is going to get better. we're not sure how much better, but he's going to get better. >> at children's hospital oakland, mark kelly, kpix5. >>> and to help with medical bills, the family set up a fund online, sebastian has $1,000 so far. you can find out information on our website, kpix.com. click on links and numbers. >>> much of the bay area got a soaking this morning and the latest round of wet weather, as you can see, santa rosa is among the areas that got drenched, but are drying out now. we'll stay that way for a little while. latest satellite and radar shows the system heading east, high pressure builds in behind and in classic fashion, the santa cruz mountains picked up the bulk of rain fall. not much for the south bay, just a few hundredths at the airport. up north, picked up .6. we're not going to add much overnight. we'll have all the debt tails with the forecast just ahead and a reminder for your weather on the go, get the cbs bay area weather app. check conditions in your area. get real time radar. you can down load the app for apple and androids. >> the rain was coming down as a big rig crashed

their little boy will be back to his playful self soon enough. >> sebastian is going to get better. >> at children's hospital oakland, mark kelly, kpix5. >>> the family has set up a go fund me account. if you'd like to help, go to kpix.com. click on links and numbers. >> a window washer who fell 11 stories from the roof of a san francisco bank is still in the hospital tonight and still in critical condition. he landed on the roof of a moving car at the intersection of california and montgomery yesterday in the heart of the financial district. witnesses say they saw something blue falling from above and then heard a loud thud. the driver of the car that broke the man's fall was not hurt. >>> still to come, think your thanksgiving dinner will take a lot of work? imagine cooking for 4,000. how you can help a bay area charity make it possible. >> and we have been slaving over a hot weather computer to come up with a forecast for the week ahead. the forecast and our next chance for rain as we look live toward oakland after the break. bulldog: bulldog: oooh! mattress discounters' $197 mattress sale! television announcer: get a

sebastian is going to get better. we are not sure how much better, but he is going to get better. >> reporter: at the children's hospital, oakland, mark kelly, kpix5. >> the family has set up a go fund me account to pay for medical bills. if yaw want to help, go to kpix.com and click on links and numbers. >>> taking a live look at the western span of the bay bridge, half an hour ago, caltrans closed three lanes of the upper deck for repair work. they are replacing expansion joints. the entire project is expected to last another ten to 12 weeks. it will be regular overnight lane closures the whole time. >>> after decades of planning and construction, the new bart connector to the oakland airport is up and running tonight. the trains run every five minutes during peak hours from the coliseum station to the airport. it is $6 to ride, twice as much as the old shuttle, but the passengers we spoke with today told us it is worth it. >> so much more convenient than the bus shuttle. it is a little bit more money. but, it is much more convenient. i come to the airport all the time. and i don't own a car. so it is really helpful to me. >> the ex

mark: his mother is speaking about the ordeal for the first time. he is being treated at children's hospital in oakland. >> reporter: this is for euro sebastian johnsonat no words to express how upset i am i love my boy he is my only baby boy. >> reporter: he was put in a medically induced coma but has been taken off the medication is should awaken any time. doctors thought he was awakened when sent this is video of him being rescued and his mother explained to us what happened earlier this week. >>: or hiking along the trail and me and him decided to throw a couple extra rocks just doing voice of. and we were at three a for feedback from the trial no where near the clift and bike turnaround and he was right there on the edge and i tried i was 6 in. and grabbed him i was right next to him i was right there >> reporter: they're ever to get him to the hospital where he has been ever since he had a broken leg broken arm and several broken bones in his face included a broken jaw. but he is a life >>: is an absolute miracle that he is alive is like an angel came and arkansas straight from heaven >>darya: 2 wilding attacks on campus of his attacks happened