Invest in these four stocks for capital appreciation and an accelerating income without risking your cash to over the top downside risk. These safe dividend paying stocks should produce high single-digit returns this year even if the broader market goes nowhere.

The market staged a remarkable comeback to close the first quarter after its horrendous start to the year. However, it is hard to believe that equities will see this rally continue in any significant way given the current global environment.

Stocks are selling at slightly higher than historical valuations based on a variety of metrics. Unfortunately, investors cannot count on multiples expanding so we will have to look to earnings growth for any substantial rise from these levels. Unfortunately, the prospects of that look unlikely at this point.

When earnings soon come rolling in for the first quarter, it will likely show the fourth straight quarter that profits from the S&P 500 (SPY) have shrunk on a year-over-year basis. With global economic activity still at its lowest levels since 2009 and global markets seemingly depending more on major central banks' continued largess than organic demand, I believe caution is warranted here.

That does not mean there are no bargains to be had in this market. Most of my “dry powder” is going into large cap stocks that have three qualities. They are cheap. They can show earnings and revenue growth despite a tepid global economy. They all pay decent dividends to boot. In what I think will remain a market that will end flat or slightly down for 2016, hitting consistent singles will lead to outperforming the overall market this year.

Let's start with Teva Pharmaceuticals (NYSE: TEVA). The company is the largest generic drug manufacturer in the world. The company is digesting its acquisition of Actavis, the former generic drug business of Allergan (NYSE:AGN), which it bought for some $40 billion last year. This will cement Teva as the market share leader for generic drugs.