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."
As for where to look, he suggests large-cap stocks over small- and mid-caps, and said dividend stocks are better than nondividend stocks.
Sandler also likes consumer discretionary companies that focus on the middle class.
"Companies that cater to the consumer in a period of unemployment going down, wage growth going up and a nice little benefit with ... lower gas prices, that should bring incremental consumer spending," he said.
Specifically, he likes retailers, drugstore companies and home builders.
His dark horse for 2015 is energy.
Meanwhile, there was one trader or entity that made a bearish bet ahead of the ECB's decision, purchasing $450,000 of weekly puts on the SPDR ETF that tracks the S&P 500. It was a bet that the ETF, which trades under the ticker symbol SPY, would drop below $195 by the close of business Friday.
Kenny Polcari, O'Neill Securities director, believes it was not an individual trader but an institution.
"I think this is much more clearly a hedge of an institution that's protecting a much larger equity portfolio because no one really knew which way this trade was going to go," he said on "Power Lunch." "It could have very easily disappointed."