NEW YORK (TheStreet) -- The Federal Reserve finally announced that it would begin tapering its asset purchases under quantitative easing. Investors cheered the move as the S&P 500 closed at all-time highs. 

On CNBC's "Fast Money" TV show, Tim Seymour, managing partner at Triogem Asset Management, said the Fed's decision removes a big headwind for investors and provides a lot of clarity, something market participants love. 

Karen Finerman, president of Metropolitan Capital Advisors, said the Fed has done a great job and the economy has been improving nicely. She added her hope the Fed sees continued economic improvement. 

Dan Nathan, co-founder and editor of riskreversal.com, noted the CBOE Volatility Index (VIX.X) dropped 15% on Wednesday and added that a lot of managers use it as a cheap form of portfolio hedging. 

Guy Adami, managing director of stockmonster.com, said the industrial sector should continue to work and he likes Honeywell International (HON - Get Report). 

Seymour said emerging markets should do well going into next year. He suggested the Market Vectors Russia ETF (RSX - Get Report) and the iShares MSCI Brazil Capped ETF (EWZ - Get Report) for investors who want a "high-octane" trade. 

Finerman said she plans to stick with the financial sector, which should benefit from improving asset and housing prices, along with a better economy. 

Specifically for financials, Adami likes Blackstone (BX - Get Report), Prudential Financial (PRU - Get Report), and U.S. Bancorp (USB - Get Report). 

Tom Lee, chief U.S. equity strategist at JPMorgan (JPM - Get Report), was a guest on the show. He said equities look likely to rally into year's end. He added that profits could increase by double-digit percentages and equities still look cheap compared to bonds. Lee's top sector picks for 2014 include financials, large-cap technology and health care. 

Seymour said Apple (AAPL - Get Report) traded well on Wednesday despite not yet having a deal with China Mobile Limited (CHL). He thinks AAPL needs CHL more than CHL needs AAPL because CHL has Samsung and other cheap smartphone makers to drive sales. 

Nathan said LinkedIn (LNKD) hit five-month lows but held its 200-day simple moving average. He suggested investors move out of highly speculative names and into cyclical and industrial stocks. 

Adami said there's no reason shares of AK Steel (AKS - Get Report) can't continue higher following its surprise earnings beat. 

Ford (F - Get Report) got hit hard on management's lower-than-expected future profit projections. Finerman said the news is Ford-specific and she is sticking with General Motors (GM - Get Report). 

Seymour added that nothing would change for Ford in the intermediate term and suggested that investors buy the weakness.

Adami agreed that Ford was a buying opportunity. He also likes BorgWarner (BWA - Get Report). 

Seymour said investors could likely stick with KB Home (KBH - Get Report) for a few more days. The company reports earnings on Thursday.

Nathan suggested Masco (MAS - Get Report) would be a good trade through the first quarter of 2014. 

Adami likes Mohawk Industries (MHK - Get Report) and Home Depot (HD - Get Report), although he suggested investors not chase MHK after its big move higher. 

Finerman likes RE/MAX Holdings (RMAX - Get Report) and Realogy Holdings (RLGY - Get Report), which should benefit from both new and used home sales. 

Stephanie Cordisco, president of R.J. Reynolds Vapor, was a guest on the show who said the e-cigarette business has a ton of growth potential. While it will cannibalize some of the tobacco companies' cigarette sales, it does have higher margins. She added that e-cigs only make up about 1% of the cigarette market, but its popularity is growing quickly. 

Seymour liked Lorillard (LO), especially over the long term for e-cig exposure. He added that e-cig regulation risks are being overblown. 

Nuance Communications (NUAN - Get Report) was the first stock on the show's "Pops & Drops" segment. Adami said the stock could climb into the mid-$15 range. 

VeriFone Systems (PAY) fell 7% and Nathan said the company needs growth from emerging markets before investors should step back in as buyers. 

CVS Caremark (CVS - Get Report) jumped 4% and Finerman continues to like the stock, saying the cash flow is strong and management is conservative -- which is a good thing. 

Avon Products (AVP - Get Report) popped 1% and Seymour said the company provides solid emerging market exposure and is good turnaround candidate. 

Between Exxon Mobil (XOM - Get Report) and ConocoPhillips (COP - Get Report), Adami prefers ConocoPhillips at current levels. 

Finerman is long the SPDR Biotech ETF (XBI - Get Report) and the iShares Nasdaq Biotech ETF (IBB - Get Report) because the sector should continue to outperform. Using ETFs will provide diversification in what can often be a dangerous sector to own individual stocks, she added. 

Nathan did not like Chipotle Mexican Grill (CMG - Get Report) based on valuation and decelerating earnings growth. He is looking for a pullback to $450. 

Seymour said Lumber Liquidators (LL - Get Report) is a name investors should buy on weakness. 

For their final trades, Nathan suggested selling 3D Systems (DDD - Get Report) and Finerman is a buyer of Timken (TKR - Get Report). Adami said to buy Jabil Circuit (JBL - Get Report) and Seymour is buying RSX. 

-- Written by Bret Kenwell in Petoskey, Mich.

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Bret Kenwell currently writes, blogs and also contributes to Robert Weinstein'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.