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Four of the five major equity averages had been setting new all-time or multiyear highs in at least two of the last four weeks, but this streak ended last week. The Dow Jones Industrial Average (16,065.67) remains the only major average that has not reached a new high in 2014, as its all-time high at 16,588.25 was set on Dec. 31. The S&P 500 (1,841.13) set its all-time intraday high at 1883.57 on March 7 along with the Dow Transportation Average (7,475.79) at 7,627.44.

Investors returned to the dividend plays of the Dow Utility Average (522.29) pushing this average to a year-to-date gain of 6.5% versus its multiyear high at 537.86 set on April 30 last year. The PHLX Semiconductor Index (SOX) (562.48) moved down to second place up 5.1% YTD.

One dividend payer I recommend taking a long position in is Verizon (VZ). The telecomm giant raised it’s dividend 3% last year for a current yield of 4.5%. VZ has paid consistent dividends since 1996. The stock is 16.8% undervalued. This week’s value level is $45.67 with a monthly pivot at $46.55 and an annual risky level at $51.08.

I also like Apple Apple , which has a current yield of 2.3%. Buy on a GTC (good until cancelled) limit order to buy weakness to the weekly value level at $525.59. Apple has a ValuTrader buy rating and is 7.1% overvalued with a one-year price target at $577.68. My annual value level is $517.05 with an annual risky level at $586.06.

On Thursday, March 13 I reduced my position in ValuTrader in Wal-Mart (WMT) ($74.28) on a GTC limit order to sell strength to our semiannual risky level at $75.89. The stock remains buy-rated and is 13.9% overvalued. This week’s value level is $72.61 with an annual pivot at $73.76 and a semiannual risky level at $75.89.

Also on March 13 ValuTrader removed one of three positions in McDonald’s McDonald’s . We use a LIFO approach, last position added is the first position removed. The stock was trading at $98.90. Overnight McDonald’s was downgraded to hold from buy and we removed the two remaining two positions in McDonald’s. The stock was trading at $97.50.

I have no positions in the stocks mentioned in today’s story.

Richard Henry Suttmeier is chief market strategist for ValuEngine.com and Niagara International Capital, and founder of Global Market Consultants.