Wall Street analysts are famously bullish. Few stocks are ranked "sell" because sell ratings can cost a Wall Street firm business. If an analyst at Goldman Sachs, for example, rated Wal-Mart as a sell, Wal-Mart's management might decide to use other firms to help them sell bonds.

Rather than saying "sell," a Wall Street analyst is likely to say they are "neutral" on a stock. In most cases, investors can interpret "neutral" to mean "sell." Understanding the code used by analysts, Goldman's latest call on the stock market is more bearish than it seems.

Goldman recently said the stock market is likely to go nowhere for some time. With the S&P 500 near 2,130, Goldman set a price target of 2,150 for the next few months, a year-end target of 2,100 and a 12-month target of 2,125.

Stocks are unlikely to remain relatively unchanged for a year. Goldman is actually forecasting a market sell-off and a recovery — a more bearish scenario than unchanged.

Investors should consider the possibility that Goldman might be right. Many investors have forgotten what a 10 percent decline feels like and are likely to become concerned as prices fall. A sell-off could be deeper than expected and a 15 percent decline seems likely once selling pressure creates a small panic.

Rather than panicking, investors should be planning. Now might not be the right time to buy market indexes, which could fall. Selectively buying stocks makes the most sense in the current high-risk environment.