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"Courage is the discovery that you may not win, and trying when you know you can lose." - Tom Krause

The Dow Jones looks like it is heading to its worst weekly performance since June 2012 in early trading. Yesterday I penned an article on why picking up high yield plays is a solid strategy on the sell-off triggered by increasing concerns emanating from a variety of emerging markets (China, Argentina, Turkey, etc..). Today I offer up two more high yield plays to pick up on the continuing pull back in the market.

A solid turnaround play here is Eagle Rock Energy Partners (NASDAQ:EROC). This energy partnership has traditionally consisted of both an upstream and a midstream business. However, the company recently announced it is selling the midstream part of its business to Regency Energy Partners (NYSE:RGP) for $1.325B. This will leave the remaining business solely focused on the upstream part of the business.

Raymond James upgraded the shares after this sale as the analyst firm believes Eagle Rock will benefit from the sale of these midstream assets. Wells Fargo followed suit and upgraded the remaining business after the sale as it believes this "de-risks" Eagle Rock's risk profile.

Eagle Rock also just completed a long-term deal for its remaining upstream business to deliver and sell monthly quantities of natural gas liquids to Phillips66 (NYSE:PSX) at its Sunray gas plant. This increases the certainty of Eagle Rock's long-term revenue streams.

The shares currently sell for just under $6 a share. They also provide an over 10 percent distribution yield at these price levels. At this price, I do not believe the market is crediting Eagle Rock properly for its transformational move. I believe the $7 to $8 a share price target range that Wells Fargo recently put on EROC is a more true measure of the current value of the remaining upstream business.

I also added some funds this morning on today's market downturn to my position in ONEOK Partners (NYSE:OKS). ONEOK Partners is one of the largest publicly traded master limited partnerships and is a leader in the gathering, processing, storage and transportation of natural gas in the U.S. and owns one of the nation's premier natural gas liquids (NGL) systems, connecting NGL supply in the Mid-Continent and Rocky Mountain regions with key market centers.

The partnership has had some recent positive catalysts. The company raised its guidance in December for 2014 cash flow that will be available for distribution payouts. Goldman Sachs also raised its price target on OKS to $63 a share from $59 previously in December. Finally, the company recently confirmed that it will spin off its natural gas distribution business. This was factor in Goldman Sachs' upwardly revised price target.

The shares yield just under six percent (5.8%) and the company has consistently and incrementally raised its payout since it came public late in 2011. I expect this growth to continue or accelerate as the company focuses more on its core natural gas liquids business. Insiders have been net purchasers of the stock over the past year as well. A nice vote of confidence in the entity's long-term prospects.

Source: 2 More High-Yield Pick Ups On Market Sell-Off