If the Federal Reserve cuts back on its $85 billion-per-month asset-purchase program as expected, there's an exchange-traded fund that could pop, Ritholtz Wealth Management CEO and co-founder Josh Brown said Wednesday.

"If you get a really negative reaction in the yield plays, and (Fed Chairman Ben) Bernanke just comes out and does what the consensus is right now, somewhere between $10 and $20 billion in taper, and then extraordinarily accommodative language going forward, I would look at something like a PFF," he said, referring to the iShares U.S. Preferred Stock ETF.

"This is an ETF that owns all the preferred stocks of S&P issuers," Brown said. "It's been whacked already. It's down 2 percent on the year vs. the S&P itself, which is up almost 20 percent. This thing's yielding close to 6 percent. If they want to beat it up some more today because they're not thrilled with the language, that's when you strike."

(Read more: Market expects $15 billion Fed taper soon: CNBC survey)

Brown also said it was "a great proxy" on forward guidance.

On CNBC's "Fast Money," TheStreet CIO Stephanie Link said that the stock market could rally if the Fed tapers its asset purchases.

(Read more: Time to start 'taper' rotation: Joe Terranova)

"Even if you take away $10 or $20 billion, you're still very accommodative," she said. "Short rates are going to stay at near zero until at least 2015, and I think that the language is going to be very important today. And I think it's going to be accommodative language and very favorable."

(Read more: What's the best Fed taper scenario possible?)

Link said that investors could buy dips in cyclical stocks, particularly industrials, technology and financials.

"Financials are really very interesting to me because they really lagged," she said, citing such names as Morgan Stanley and AIG.

"Those kinds of names, I think you can still be buying," she said.

(Read more: Short this stock after S&P 500 spikes on Fed taper: Pro)

OptionMonster's Pete Najarian noted that the S&P 500 had traded in a tight range of 1,650 to 1,700 over the past month.

"But if there's any kind of a pull-back at all, I think the financials are an area I would definitely target," he added.

(Read more: Jeremy Siegel: 'There's some juice left in this market')

Najarian also said that he saw "a lot of positives" in home builders, such as Toll Brothers.

"I like some of these home builders at this level after being sold off," he said.

— By CNBC's Bruno J. Navarro. Follow him on Twitter @Bruno_J_Navarro.