U.S. stocks rallied Thursday after the European Central Bank unveiled its bond-buying program, but many investors were also looking outside the country to find opportunity.
Kelly noted that the Dax is currently trading at about 12 times forward earnings, while the U.S. is trading at approximately 17 times earnings.
"The expansion plan should help the multiples grow," he said in an interview Thursday with "Power Lunch."
"BMW and Daimler, which are constituents, trade at about 9 ½ times earnings while they get 60-80 percent of their revenues outside of Europe. So we expect those multiples to expand and sales and revenues to expand as well because of the depreciating euro."
John Vail, chief global strategist at Nikko Asset Management, also thinks Germany will be a big winner from the ECB's move.
"Germany will actually be one of the biggest beneficiaries, because of the weaker euro helping their exports tremendously. It's obviously going to help the periphery as well," he said.
The euro fell below $1.14 Thursday after ECB President Mario Draghi announced bond purchases of 60 billion euros ($70 billion) a month to kick-start the European economy.
For those investing in the U.S., Doug Sandler, co-founder and chief equity strategist at RiverFront Investment Group, said it is a stock picker's market.
"Selection is going to make a difference. I think that's what happens as a market matures—being more selective and not just playing the risk-on, risk-off trade," he said Thursday in an interview with "Street Signs."