Since 1950, the S&P 500 has compounded at an average rate of just 50 basis points (0.5%) over the May-September period. Granted, the season only represents averages and the "sell in May" strategy has many flaws, particularly after a large-scale correction occurs early in the period. Still, what are the probable outcomes after a 10%-11% year-to-date rally?

The best portfolio moves over the coming half-year period will involve both growth and income.

First, pursue reasonably priced ETFs with desirable monthly or quarterly income streams. Second, buy non-cyclical stock weakness on pullbacks of at least 5% to10%. (Note: Be sure that you understand the circumstances under which you might protect against further downside rather than doggedly hold onto the idea that the world's central banks have the cure-all to kill any bearish collapse in confidence.)

Income ETFs that one could use in the May-September period? I am fond of the low duration-oriented Pimco 0-5 Year High Yield ( HYS) with its annualized 5.1% distributed monthly.

I also believe that Powershares Emerging Market Sovereign Debt ( PCY) is destined to reclaim its price highs while simultaneously offering an admirable annualized 4.8% distributed monthly. Also, I see a probable 6% annualized out of Market Vectors Preferred excl Financials ( PFXF).

My criteria for equity ETFs is slightly different.

First, you should be looking to purchase on a legitimate pullback. Otherwise, you are risking the high likelihood of price depreciation in the early stages of your acquisition.

Next, if you are purchasing in the May-September cycle, it is preferable to concentrate on assets less tethered to economic growth. Some of my "faves" include Global X Super Dividend ( SDIV), iShares Emerging Market Minimum Volatility ( EEMV) and WisdomTree Equity Income ( DHS).

This article was written by an independent contributor, separate from TheStreet's regular news coverage.

Disclosure Statement: ETF Expert is a website that makes the world of ETFs easier to understand. Gary Gordon, Pacific Park Financial and/or its clients may hold positions in ETFs, mutual funds and investment assets mentioned. The commentary does not constitute individualized investment advice. The opinions offered are not personalized recommendations to buy, sell or hold securities. At times, issuers of exchange-traded products compensate Pacific Park Financial or its subsidiaries for advertising at the ETF Expert website. ETF Expert content is created independently of any advertising relationships. You may review additional ETF Expert at the site.

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