The slight pullback in the stock market is creating the chance for income focused investors to get back into dividend-paying equities at a reasonable cost. Dividend exchange traded funds are back in focus as some yield-producing investments have pulled back to their 50 day-moving-averages.

“Proactive income investors that have reduced equity exposure over the last several months or even investors that missed the 2013 rally should be diligently planning their next moves,” David Fabian wrote for MarketWatch.

Of course, whether the recent market weakness turns into something worse is still up in the air.

Fabian recommends a second look at REITs, preferred stock, common stocks, global equities, MLPs and dividend-paying equities.

For example, the iShares Select Dividend ETF (DVY) recently pulled back to its 50 day-moving-average. A correction from the high down to the 200 day-moving-average would mean a large 12% pullback. Investors could watch positions for an entry point at this time.

Fabian also recommends keeping an eye on the iShares High Dividend ETF (HDV), First Trust NASDAQ Technology Dividend ETF (NYSEArca: TDIV) , and the iShares MSCI US Minimum Volatility Index (USMV) to gain broad-based equity exposure with dividend payouts. [ A Closer Look at WisdomTree's Dividend ETFs]

“Many dividend products have overweight concentrations in the utilities and telecom sectors. That’s fine as long as these two sectors are performing well, which has been the case for most of the past five years. After all, risk is easily tolerated when it doesn’t manifest itself. However, sector concentration risk often goes unnoticed until things turn bad,” Ron Rowland wrote in a recent report.

Another area of the market investors should focus on are alternative income funds. Some of these payout a higher yield than those in the dividend sector, with the trade-off of more risk.

The iShares US Preferred Stock ETF (PFF) has also dipped below its 50 day-moving-average and is flirting with its 200 day-moving-average as equity market momentum has subsided. The First Trust Multi-Asset Dividend Income Fund (MDIV) and the Guggenheim Multi-Asset Income Fund (CVY) both feature diversified portfolios representing REITs, preferred stocks and MLPs. [An Active ETF for High Yield preferred Shares]

iShares Select Dividend ETF

Tisha Guerrero contributed to this article.

Full disclosure: Tom Lydon’s clients own DVY.

The opinions and forecasts expressed herein are solely those of Tom Lydon, and may not actually come to pass. Mr. Lydon serves as an independent trustee of certain mutual funds and ETFs that are managed by Guggenheim Investments; however, any opinions or forecasts expressed herein are solely those of Mr. Lydon and not those of Guggenheim Funds, Guggenheim Investments, Guggenheim Specialized Products, LLC or any of their affiliates. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.