The biggest opportunities for investors might be in emerging markets, says Phillip Colmar, a partner at MRB Partners, a research firm.

WSJ: How to Play Central Banks

For starters, Europe's policy makers must continue to demonstrate they are beginning to get the situation in Greece and Spain under control, says Phillip Colmar, a Montreal-based partner at MRB Partners, a research firm.

WSJ: Is It Time to Sell Treasurys?

Most investors, however, would be better off simply moving some cash out of Treasurys and into bonds whose yields more accurately reflect their fundamentals, says MRB's Mr. Colmar, who expects Treasury yields to grind higher for the remainder of the year.

WSJ: Is It Time to Sell Treasurys?