Wash the jalapenos and trim the stem end off. Remove the seeds if you want a milder jelly. I recommend using the whole peppers, seeds and all. Give them a rough chop and then pulse them in the food processor until they are finely minced. Be careful, the fumes will be strong, and make sure to wash your hands well after working with hot peppers. Put the peppers into a heavy bottomed pot.
Wash and trim the bell peppers, and remove the inner ribs and seeds. Give them a rough chop and pulse them in a food processor until finely minced. You may want to do this in batches, because I find you get a more even chop if you don't crowd the bowl. Add the bell peppers to the pot with the jalapenos.
Add the vinegar and sugar to the pot and stir to combine. Bring the pot up to a boil, and then add the pectin. Boil, stirring, for one minute.
Ladle the hot liquid into clean jars and set aside to cool before capping and refrigerating.
If your pepper bits float to the top, you can give the jelly an occasional stir as it cools to distribute them more evenly.
When the jelly is cool, cap and refrigerate the jars. They will thicken as they cool, and even more as they chill.
Serve with plenty of creamy goat or cream cheese, and crackers or grilled slices of baguette.