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This is the market breakout: Bouroudjian

With stocks near record highs, this is the market break out investors have been waiting for, Index Financial Partners chief investment officer Jack Bouroudjian said Wednesday.

"When people go back and do hindsight analysis they always wonder where the breakout is. This is the breakout. This is the 'buy in May' scenario that we were all taking about and more than likely is going to last to the end of the year," he said in an interview with "Closing Bell."

Stocks rose modestly Wednesday before pulling back, with the S&P 500 setting a new intraday high and the Nasdaq trading briefly above its record close. In the end, the Dow Jones industrial average closed down 26.99, the S&P was down 1.98 and the Nasdaq ended 1.71 higher.

Bouroudjian, also a CNBC contributor, said there is a rotation taking place from bonds to stocks, noting that the Federal Reserve's path to normalization is going to be messy and volatile for fixed income.

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On Wednesday, the Fed released the minutes from its April meeting that appeared to mostly confirm market expectations for a rate hike in the second half of the year.

Officials attributed the lack of economic growth this year to "transitory" factors that will abate soon.

Susan Fulton, founder and principal at FBB Capital Partners, disagrees this is a break-out moment. She called equities "pretty fully valued" right now.

"I think there's some room for some upside. I think they're probably safer than bonds. I'm not sure that I'd use the term breakout," she said in an interview with "Closing Bell."

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That's partly because she thinks the Federal Reserve may not increase interest rates this year.

"There is nothing I see right now on the horizon that is going to allow the Fed to make a decision in September," she said.