1) some fund inflows returning to emerging markets. One things' for sure: Bernanke threw a temporary lifeline to emerging markets. For the moment, they will likely be free of the currency devaluations that have plagued them.
But this does not change of the fundamental problems with emerging markets: the lack of infrastructure, the lack of economic reforms. This is going to give them breathing room to make necessary changes. Until they do, I expect some "knee-jerk" inflows, but no avalanche of new money.
One last point: emerging markets were already coming off their June lows:
India 2.5-Year High
Russia 6-Month High
Brazil 3.5-Month High
Turkey 3.5-Month High
Indonesia 2.5-Month High
Thailand 2-Month High
Philippines 1-Month High
Malaysia 1-Month High
2) interest-rate sensitive sectors (housing, utilities, telecom, REITS) should once again outperform.
One final point: the Fed action may have made this week's quadruple witching (the quarterly expiration of individual stock and index futures and options) fairly irrelevant. Options traders tell me that prices yesterday moved so far that much of the open interest in existing strikes is much lower than current levels. So there's less relevant options for traders to hedge.
For example, the largest open interest in near-by strikes in the SPX index are at 1675, and then 1700. But we are near 1730 in the S&P 500. There are far fewer options anywhere near 1725.
—By CNBC's Bob Pisani