NEW YORK ( TheStreet) -- TheStreet's Jill Malandrino is with SFG Alternatives' Larry Shover, discussing which asset classes are moving the most and where traders may be able to duck for cover.

Malandrino said that although Federal Reserve Chairman Ben Bernanke didn't provide any major surprises, currency and fixed-income traders had conviction in what he did say, sending the dollar soaring and bonds plummeting.

The move continues to wreak havoc in currency markets as volatility soars and 10-year Treasury yields hit 20-month highs.

Malandrino said the current downward trend in equities can snap back at any moment, but Shover said the bigger worry lies in the two formerly mentioned asset classes: fixed-income and foreign currencies.

He added that "there's going to be a lid on the equity markets" until volatility smooths out a bit. Until then, the market will remain in a "tapering fit."

Malandrino noted the sudden move on the VIX, and Shover was quick to suggest that investors were paying for protection, but not necessarily based on the U.S. economy.

"I don't think they're worried about our economy per se, they're more worried about the dislocation around the world," he said.

He also told Malandrino that investors who are long equities or looking to get long equities could also benefit from wide put spreads.

He concluded, "This song has not played out, even a little bit," referring to the continued volatility being forecast around the world.

-- Written by Bret Kenwell in Petoskey, Mich. .

Bret Kenwell currently writes, blogs and also contributes to Rocco Pendola's Weekly Options Newsletter. Focuses on short- to intermediate-term trading opportunities that can be exposed via options. He prefers to use debit trades on momentum setups and credit trades on support/resistance setups. He also focuses on building long-term wealth by searching for consistent, quality dividend paying companies and long-term growth companies. He considers himself the surfer, not the wave, in relation to the market and himself. He has no allegiance to either the bull side or the bear side.

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