Expect Fed Boost for Stocks: Pro

The Federal Reserve's accommodative policy appears to be in place for a long time, but the effects of Chairman Ben Bernanke's comments will be different than they were in June, TheStreet CIO Stephanie Link said Thursday.

"Then we were buying, for sure, because it was very clear to us that Bernanke was going to be accommodative for a very long time," she said. "They were going to continue to be flexible, and if they did take away the bond purchasing, or some of QE, it would be gradual. I still believe that to be the case."

On CNBC's "Fast Money," Link said that quarterly earnings reports would be a crucial clue to what happens next.

"Let's listen to what the companies have to say about the macro here, as well as abroad," she added.

Link advocated looking for opportunities.

"I think it's good to have a little bit of dry powder to be buying on the weakness, again, because the Fed is going to be accommodative for a long period of time," she said.

Rosecliff Capital's Mike Murphy noted that stocks sensitive to interest rate increases, such as home builders, were "crushed" over the past two weeks.

"Everybody was trying to jump in front of the Fed," he said. "I don't think yesterday's announcement changed that much in the fact that I still believe you're going to see tapering."

Murphy said that he bought Freeport-McMoRan following Bernanke's comments.

"Right now, it's giving the market an OK to rally on some of these over-beaten-down names, like a Freeport, like some of the home builders that are up 6, 7 percent today," he added.

Trader disclosure: On July 11, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Josh Brown is long AAPL; Josh Brown is long NOK; Josh Brown is long KBE; Stephanie Link is long AAPL; Stephanie Link is long GS; Stephanie Link is long JPM; Stephanie Link is long WFC; Stephanie Link is long CSCO; Stephanie Link is long COST; Stephanie Link is long FB; Stephanie Link is long VALE; Stephanie Link is long KEY; Stephanie Link is long YUM; Stephanie Link is long JOY; Mike Murphy is long BAC; Mike Murphy is long C; Mike Murphy is long FB; Mike Murphy is long LEN; Mike Murphy is long TOL; Steve Weiss is long BAC; Steve Weiss is long C; Steve Weiss is long M.