The biggest winners off of the Fed decision

Interest rate-sensitive sectors such as utilities and real estate spiked Thursday afternoon, following the Fed announcement that benchmark interest rates would remain unchanged for now. And according to one trader, the initial market reaction is a clear buy signal for some of these suffering categories.

"It is definitely a green light to start to incrementally add yield-sensitive instruments back into your portfolio for the short term," Neil Azous, of Rareview Macro, said Thursday on CNBC's "Trading Nation."

The utilities sector ETF, XLU, closed up 1.3 percent Thursday, the best-performing sector that day in the S&P 500. The U.S. real estate ETF, IYR, also rose 1 percent.

Read More Fed holds off, markets now betting on hike in 2016

The two ETFs, XLU and IYR, have been hit hard this year, falling 10 percent and 6 percent year to date, respectively. However, Azous said the funds' underperformance is another reason to buy these sectors now as they prepare for a boost from low interest rates.

The real estate ETF has a dividend yield 3.8 percent, and the utilities ETF has a dividend yield of 3.6 percent.

Larry McDonald of Societe Generale recommended watching gold miner stocks and commodities in addition. He said commodities will benefit from a weaker U.S. dollar, which fell 1 percent Thursday. McDonald said he sees the dollar index falling another 10 percent from its current level.

"The dollar has been much too strong. It's hurt the global economy, the Fed must talk it down," he said Thursday on "Trading Nation."

Read MoreEven a best-case Fed scenario might not save gold

McDonald also said these sectors have a tendency to rally each time the Fed pushes back a rate hike.

"From March to September, the commodities space was very, very powerful and to the upside," McDonald said, referring to last period following a delay in raising rates.

The gold miners ETF, GDX rallied Thursday, rising 2.7 percent. However, it is still down more than 20 percent this year.

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Trading Nation is a multimedia financial news program that shows investors and traders how to use the news of the day to their advantage. This is where experts from across the financial world – including macro strategists, technical analysts, stock-pickers, and traders who specialize in options, currencies, and fixed income – come together to find the best ways to capitalize on recent developments in the market. Trading Nation: Where headlines become opportunities.

Michael Santoli

Michael Santoli joined CNBC in October 2015 as a Senior Markets Commentator, based at the network's Global Headquarters in Englewood Cliffs, N.J.  Santoli brings his extensive markets expertise to CNBC's Business Day programming, with a regular appearance on CNBC's “Closing Bell (M-F, 3PM-5PM ET).   In addition, he contributes to CNBCand CNBC PRO, writing regular articles and creating original digital videos.

Previously, Santoli was a Senior Columnist at Yahoo Finance, where he wrote analysis and commentary on the stock market, corporate news and the economy. He also appeared on Yahoo Finance video programs, where he offered insights on the most important business stories of the day, and was a regular contributor to CNBC and other networks.

Follow Michael Santoli on Twitter @michaelsantoli

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