After the latest Fed announcement, one Wall Street pro says the best bets for August are stocks that can grow without Bernanke being involved.
"Since we know the Fed is going to taper at some point, stick to stocks that can grow organically—without the artificial stimulation from the Fed, offer a dividend of 2 percent or higher, and have a projected growth rate of 5 percent or more," said Douglas C. Lane Managing Director Sarat Sethi.
(Read more: Steady Fed: Printing presses to keep on rolling)
The trick is finding those names that haven't run up with the market.
According to Thomson Reuters, the number of stocks on the S&P 500 that fit this criteria and are still trading at a discount the S&P 500: just 31.
(Read more: Growth is slow, better days may be near)
As the market moves higher, expert say it will become even more difficult to find names that are attractively valued, creating a challenge for investors as we head in to August.
—By CNBC's Seema Mody
Note: CNBC Data Team, Thomson Reuters and CNBC Producer Thomas DiChristopher contributed to this article.