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High yield sectors that have been hurt in recent months due to rising interest rates posted strong gains Wednesday as the Federal Reserve refused to remove any of the booze from the punch bowl. Personally, I think Chairman Bernanke made a strategic mistake as the market is unlikely to be as primed and ready for "tapering" as it was this week. As a portfolio manager I'm thrilled to see huge gains on my positions in gold and silver miners and emerging markets among other sectors.

Another section of my portfolio that did well yesterday is my allocation to high yielding energy partnerships. Buying these beaten down energy plays has been a core theme in my columns over the last month or two. I never believed rates on the 10-year treasury yield would go much past the 3% level in the near term. Economic and job growth was just too tepid to support higher rates. Seems the Federal Reserve has now come out and confirmed my thesis.

I think these sectors will continue to provide good yield and nice capital appreciation as yields head down to at least the 2.5% level. Here are a couple more of these plays that offer high yield and solid valuations at these levels.

Atlas Resource Partners (NYSE:ARP) is a master limited partnership active in oil and gas production in the Barnett Shale in Texas, the Appalachian Basin and in the Mississippi Lime in Oklahoma. ARP owns an interest in over 8,600 producing natural gas and oil wells, representing over 700 Bcfe of net proved developed reserves.

The company sports a very healthy distribution yield of over ten percent (10.3%). Atlas has also raised its distribution payouts by 35% since coming public in early 2012. Revenue growth is tracking to almost a double over 2012 levels and analysts expect another 40% sales increase in FY2014.

An insider bought some $1.5mm in new shares in June at higher levels and there has been no insider selling since Atlas came public. The shares are offering a good entry point at $21 a share which is down some 20% since its highs earlier in the year. The median price target of the seven analysts that cover the stock is $26 a share.

Global Partners (NYSE:GLP) is a midstream logistics and marketing company organized as a limited partnership. The company transports Bakken and Canadian crude oil and other energy products via rail from the mid-continent region of the U.S. and Canada to refiners and other customers on the East and West coasts. The company's general partner bought over 100,000 shares at higher prices in August.

The shares yield a juicy 7.2% and the company has incrementally and consistently raised its payouts over the last decade even right through the financial crisis. Revenue growth is tracking to better than 15% this fiscal year and analysts expect increases in sales in the high single digits in FY2014. Unusual for a high yielder, the stock sports a very low five-year projected PEG (.97).

Disclosure: I am long ARP, GLP. I wrote this article myself, and it expresses my own opinions. I am not receiving compensation for it (other than from Seeking Alpha). I have no business relationship with any company whose stock is mentioned in this article.

Source: Yield Plays On The Fed's Recent Fecklessness