The Federal Reserve kept short-term interest rates unchanged Thursday, leaving market watchers continuing to guess when it will abandon its accommodating policy.
Stocks closed mixed on the day, with the dollar and U.S. Treasury yields falling after the Fed's decision. CNBC "Fast Money" traders outlined their best plays in the wake of the move.
1. Sell the iShares MSCI Emerging Markets ETF
Emerging markets will cheer easy policy from the Fed, so investors may want to fade any rally they see in the emerging market fund, said trader Tim Seymour.
2. Buy SPDR S&P Homebuilders ETF
Seymour looked to homebuilder stocks to play momentum in the housing sector. Trader Dan Nathan agreed, saying the segment helps investors play defense domestically.
3. Trade Bank of America
Bank of America closed nearly 3 percent lower on Thursday. But trader David Seaburg believes it could rally from just under $16 per share to as high as $18.50 and make a strong trade.
Seaburg would sell the utilities fund, as he sees weakness for the sector moving forward.
5. Buy Utilities Select Sector SPDR Fund
Trader Dan Nathan disagreed with the call to sell, saying the fund looked cheap, down about 9 percent this year.
Trader Brian Kelly looked for the oil and gas sector to rally and would play it through the SPDR fund.
7. Buy SPDR Gold Trust
Kelly also saw upside in gold, and would use the SPDR Gold Trust to benefit from a climb in the metal's price.
8. Sell SPDR S&P Regional Banking ETF
Regional banks should suffer in the wake of the Fed's decision, Kelly contended.
Nathan projects weakness for industrials in the near term.
Tim Seymour is long AAPL, BAC, CLF, DIS, F, GE, GM, GOOGL, INTC, JPM, T, TWTR, Tim's firm is long BABA, BIDU, MCD, NKE, NOK, SBUX, YHOO.
Dan is long PYPL Oct call calendar, QQQ Oct put spread, XLU call spread, XBI sept put spread, TWTR, PG
Brian Kelly is long BBRY, GLD, TWTR calls, Bitcoin, Yen, Crude Oil; he is short Yuan, US Treasuries.
Opinions expressed by David Seaburg are solely his own and do not reflect the views and opinions of Cowen Group, Inc