With earnings season to a start and an uneasy economy, maybe it's not so bad to just hold some dough. Johnson and Johnson (JNJ) just reported an earnings surprise, but they credit it to cutting costs. There was no real growth in this story. Analysts are uncertain about how Google (GOOG) will do and if they can keep the fast-paced growth they have had in the past. GOOG reports earnings on Thursday, April 17. Most companies will be reporting earnings throughout the rest of April. With a slowing economy, don't make big bets on surprises. Wait out the next few weeks. Get a feel for how the earnings are overall, company to company, industry to industry; and then you will better know where to put your money.

Again, if you are a long-term investor, many stocks that have already been beaten up are going to look very good in a year or two. For a value investor, this is a developing feeding ground, so go ahead and nibble a little. Just wait a few weeks, and start in if you see some good deals after earnings season.