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While markets in general have reacted positively to the Federal Reserve's decision to stand pat on interest rates, some types of stocks may stand out more than others going forward.

"Don't overthink it; the Fed is on the side of the economy," Eddy Elfenbein, editor of the Crossing Wall Street blog, said Wednesday on CNBC's "Trading Nation."

Elfenbein is eyeing cyclical sectors, which tend to be the biggest beneficiaries of an improving economy. Specifically, he likes energy, materials and industrials.

The energy ETF, the XLE, is at the top of Elfenbein's list. The XLE is up nearly 13.5 percent year to date, and generally correlates with the price of crude oil, which has enjoyed a sweet 2016 bounce.

The XLB, comprised of processed materials giants such as Dow Chemical Company, Monsanto, Newmont Mining and Sherwin-Williams, is up about 9 percent year to date.

And the industrials ETF, the XLI, is up nearly 9 percent this year.

Another popular trade this year, in emerging markets, may also be a Fed-friendly pick.

Gina Sanchez, CEO of Chantico Global, said Wednesday on "Trading Nation" that emerging markets equity and debt would be a wise move at this point.

The emerging markets ETF, the EEM, tracks emerging markets economies like those of Brazil, China and India.

"If we continue to see low rates like this and everything stays pat, then the yield plays probably make the most sense," she said.

Sanchez called emerging market debt a "darling" for investors in this year's low-yield environment.

"You could also see high-yield continue to perform. But basically, anything that will give investors the much-needed yield that they're desperate for," she said.