Stocks rallied to new highs Thursday, as traders sorted through what a more hawkish Fed means for the markets. Bond yields moved higher but stocks gained as traders also viewed the Fed as committed to holding rates lower for longer.
"New highs for the S&P and Dow creates its own buzz, coming at the end of the week," Hogan said. The quadruple expiration of futures and options could cause some volatility. "It's hard to know how that lines up because I think you had a lot of people who unwound positions after the Fed. If you were leaning against a hawkish statement and negative reaction, you had to unwind that and that's part of what's driving today's market."
Read MoreWhat the Fed's dream trade looks like
While stocks raced to new highs, analysts were assessing the impact of the Fed's forecast for higher-than-expected rates on stocks.
"We said this (Alibaba) IPO could be one of the sign posts that technology stocks may be getting ready to take a breather," said Julian Emanuel, equity and derivatives strategist at UBS. "The market's mind is coming around to higher interest rates are going to happen. Higher interest rates impact higher multiple stocks disproportionately."
Read MoreWhy stocks and bonds see Fed outlook differently
Emanuel said momentum names could be vulnerable to a pull back, as well as some tech.
But he also sees some parts of the market worth hiding in, including financials, big-box stores and automobiles. All three have big U.S. customer bases and financials benefit from rising rates.
The S&P financial sector was Thursday's best performer, up more than 1 percent.
The S&P 500 was up 9 points Thursday at 2,011 and the Dow was up 109 points at 17,265.