While the S&P 500 is now 2.97 percent from its all-time intraday high, trader Dan Nathan thinks it needs to be isolated from the rest of the market.
"When you look at equity markets all over the world, they're actually performing very poorly, especially on a year-on-year basis, and especially the ones where interest rates have gone negative. ...The S&P is a crowded trade. It's not where you want to be," Nathan said, adding that he'd rather place his chips in the Russell 2000.
Trader Pete Najarian said that with where the CBOE Volatility Index is trading, he believes that this is "a very difficult investing environment." Najarian, however, said that there's opportunity to trade stocks that are being hit in a background of higher volatility.
He said he bought calls against First Solar that he intends to hold just for the short-term.
Trader Tim Seymour said he bought the iShares MSCI Emerging Markets ETF before the Fed's announcement.
"This is a range trade. EM is in a better place with less Fed, at least in the short run. I'm not making a call, except for I am making a statement that I think EM, first of all, was oversold on dollar perception and that we have a place, where I think things have [gone] significantly different," he said.