Last week, the Federal Reserve's decision not to raise rates caused equities to sell off sharply. Yet according to one widely followed technician, it may have put the bite back into one group of stocks.
Carter Worth of Cornerstone Macro told CNBC's "Fast Money" that investors should stick with Jim Cramer's so-called FANG stocks—Facebook, Amazon, Netflix and Google—high-growth names that investors have been bidding up this year. Google shares have surged about 20 percent in 2015, the bulk of which came during a particularly torrid late-summer run.
"This was a day for perspective change. There was no change. That's the definition of status quo, which means you stick with what you've been doing," said Worth. Rather than rushing for the exits, he said the Fed's decision just gave investors time to stick with one winning theme this year: Favor growth over value.
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According to Worth, investors should place their bets on two winning trades: the S&P 500 consumer discretionary and the S&P 500 Internet retail industry groups. Consumer discretionary is the top-performing group of the 10 S&P 500 sectors, and is up 5 percent on the year. The Internet retail industry index is the best performer of the 138 groups in the S&P 500, further proving high-flying stocks are back in play, even during such volatile times.
"If it's Fed on hold, you want to stick with this as a premise," said Worth.