The trade: If the Fed does this, do this

A New York Stock Exchange trader works as a television on the floor of the NYSE shows Federal Reserve Chair Janet Yellen speaking after the Federal Open Market Committee meeting. (File photo)
Jin Lee | Bloomberg | Getty Images

The Federal Reserve's highly anticipated policy meeting this Thursday could be setting up a short-term trade in certain areas of the market, if history is any guide.

The central bank appears close to an interest rate hike, the first such move since 2006, but it is unclear whether that will come this week or next month or even December.

So what do you buy Thursday at 2 p.m. ET after the decision hits?

Here's the trade if the Fed hikes rates, as well as what you should do if they keep them the same...