After surging to peak levels, the Dow and the S&P 500 snapped an eight-week winning streak — the longest since 2013 — while Nasdaq ended a six-week winning streak. Meanwhile, the Russell 2000 logged its biggest weekly decline since August. The sell-off stemmed from concerns over the delay in the implementation of corporate tax cuts, which happened be the major driver of the recent stock market rally (read: 5 Biggest ETF Winners of Trump Trade Resurgence).The tax plan unveiled by the Senate Finance Committee differs from that of House Republicans on various fronts. The Senate proposal defers the corporate tax rate cut of 20% until 2019, does not repeal the estate tax, and leaves the mortgage interest deduction unchanged. Additionally, the proposal maintains the current number of individual income tax brackets of seven but slashes the top bracket by a percentage point to 38.5%. It also provides small-business owners with a deduction rather than a special business rate.Given this, Trump’s proposal will face several roadblocks for approval by this year-end. Investors should note that tax reform is a key catalyst to keep the bull market alive. As such, delay or no progress in tax overhaul could lead to huge sell-off in the stock market. Further, if the Senate proposal is passed, then the battle for tax reforms will intensify giving a way for the major correction in the stock market. According to Arrow Funds Director of Research John Serrapere, the failure of corporate tax cuts could trigger a correction of as much as 15% in stocks.Moreover, one of the leading indicators, high-yield market, has started to flash warning signs for the broader equity market. The last week sell-off in these bonds could be a precursor of a larger pullback in the stock market (read: Treasury ETFs in Focus on Potential Delay in Tax Reform).However, the Arms Index, also known as the short-term trading index and used to measure buying or selling intensity, suggesting investors are in a buying mood. It is calculated by dividing the Advance-Decline Ratio by the Advance-Decline Volume Ratio. An Arms index value above 1.00 is a bearish signal while value below 1.00 is a bullish sign. A value of 1.00 indicates a balanced market. As of the close on Nov 11, the NYSE Arms rose to 0.77 and the Nasdaq Arms slipped to 0.80.Further, solid corporate earnings and pickup in global economic activity have been the key drivers of the stock market rally throughout this year despite the political turmoil in Washington. The combination of these two factors will continue to keep the positive momentum alive in the stock market albeit at a slower pace.How to Play?Given this, value investing seems appealing at present. Here, one can bet on stocks with strong fundamentals – earnings, dividends, book value and cash flow – that trade below their intrinsic value and are undervalued by the market. Value stocks have the potential to deliver higher returns and exhibit lower volatility compared with growth and blend counterparts. In fact, these stocks outperform the growth ones across all asset classes when considered on a long-term investment horizon and are less susceptible to trending markets.As a result, investors may want to consider a nice value play in the current volatile market environment. For them, we have presented five ETFs and stocks that will likely outperform in the coming weeks if volatility persists.ETF PicksUsing our database, we have selected popular value ETFs that provide exposure to the broad stock market instead of a particular sector and have a Zacks Rank #2 (Buy) or 3 (Hold) with an expense ratio of below 0.50%.iShares Russell 1000 Value ETF IWDThis ETF offers exposure to U.S. companies that are thought to be undervalued by the market relative to comparable companies by tracking the Russell 1000 Value Index.Zacks ETF Rank: #3Expense Ratio: 0.20%AUM: $36.8 billion Vanguard Value ETF VTVThis fund seeks to track the CRSP US Large Cap Value Index, which measures the performance of the largest U.S. value stocks (read: Value ETFs & Stocks to Beat Market Volatility).Zacks ETF Rank: #3Expense Ratio: 0.06%AUM: $33.7 billion iShares S&P 500 Value ETF IVEThis fund also offers exposure to large U.S. companies that are potentially undervalued but tracks the S&P 500(R) Value Index.Zacks ETF Rank: #3Expense Ratio: 0.18%AUM: $13.9 billionVanguard Mid-Cap Value ETF VOEThis fund targets the U.S. mid-cap segment and follows the CRSP US Mid Cap Value Index.Zacks ETF Rank: #2Expense Ratio: 0.07%AUM: $7.6 billionPowerShares FTSE RAFI US 1000 Portfolio PRFThis fund tracks the FTSE RAFI US 1000 Index, which measures the performance of the largest U.S. equities based on the following four fundamental measures: book value, cash flow, sales and dividends.Zacks ETF Rank: #3Expense Ratio: 0.39%AUM: $5.1 billionStock PicksFor stocks, we have chosen five top picks using the Zacks Stock Screener that fits our criteria: a Zacks Rank #1 (Strong Buy) or 2, a Value Style Score of A, a Zacks Industry Rank within the top 10%, and market cap of over $1 billion. Our chosen stocks are:Micron Technology Inc. MUIt is one of the leading worldwide providers of semiconductor memory solutions (read: Here's What Investors Need to Know About Soaring Semiconductor ETFs).Zacks Rank: #2Zacks Industry Rank: Top 1%Market Cap: $50.4 billionNorbord Inc. OSBIt is a producer of wood-based panels operating primarily in the United States, Europe and Canada.Zacks Rank: #1Zacks Industry Rank: Top 3%Market Cap: $3.11 billionUnum Group UNMIt is the industry leader in disability income protection and one of the top providers of supplemental benefits in the nation.Zacks Rank: #2Zacks Industry Rank: Top 3%Market Cap: $11.77 billionPetroChina Company Limited PTRIt primarily engaged in a range of petroleum related products, services, and activities (read: Oil Price Scales 2-Yr High: 5 Best Energy ETFs & Stocks).Zacks Rank: #2Zacks Industry Rank: Top 8%Market Cap: $124.1 billionPilgrim's Pride Corporation PPCIt is one of the largest chicken companies in the United States, Mexico and Puerto Rico.Zacks Rank: #1Zacks Industry Rank: Top 9%Market Cap: $7.8 billionWant key ETF info delivered straight to your inbox?Zacks’ free Fund Newsletter will brief you on top news and analysis, as well as top-performing ETFs, each week. Get it free >>Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report Norbord Inc. (OSB): Free Stock Analysis Report VIPERS-VALUE (VTV): ETF Research Reports VANGD-MC VALUE (VOE): ETF Research Reports ISHARS-SP500 VL (IVE): ETF Research Reports ISHARS-RS 1K VL (IWD): ETF Research Reports Pilgrim's Pride Corporation (PPC): Free Stock Analysis Report Unum Group (UNM): Free Stock Analysis Report PetroChina Company Limited (PTR): Free Stock Analysis Report Micron Technology, Inc. (MU): Free Stock Analysis Report PWRSH-FTSE RAFI (PRF): ETF Research Reports To read this article on Zacks.com click here. Zacks Investment Research Want the latest recommendations from Zacks Investment Research? Today, you can download 7 Best Stocks for the Next 30 Days. Click to get this free report