NEW YORK (TheStreet) -- The merger between Ketchup giant Heinz, which is owned by private equity firm 3G Capital and Berkshire Hathaway (BRK.A) - Get Report, and Kraft (KRFT)  made Belpointe Asset Management chief strategist David Nelson wonder which deals might come next.

He speculated that the next move may come in the retail: It would make sense, for example, for teen retailers such as Aeropostale (ARO) and Abercrombie & Fitch (ANF) - Get Report to consolidate. Or for home-goods stores to combine and take advantage of synergies amid increased competition from e-commerce outlets. 

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More broadly, Nelson said investors will soon find out what impact the strengthening U.S. dollar will have on business operations.  Companies may soon begin to caution shareholders that earnings results will be lower than expected. Analysts already seem to be preparing for weaker performances, as earnings estimates for the S&P 500 have fallen slightly month-over-month, Nelson pointed out. 

Still he said stocks are "fairly valued" although it's hard to make a compelling argument for investors to buy at current levels.  It's especially hard to make that case as earnings estimates move lower and economic data softens, with February's durable goods orders down 1.4% versus expectations of a 0.4% gain. 

Investors who are waiting to buy the dip, Nelson said, should be careful of not waiting too long. All too often, investors wait for stocks to fall and once they dip 5%, many wait for indices to fall 10%. 

At some point in between, markets tend to reverse, ending up at all-time highs. Many traders miss the rally because they waited for too steep a pullback, he concluded.