Continuing with our defensive stock series for a choppy/consolidating market: place Kellogg (NYSE: K) in the "old reliable" category.

Product innovation, legendary brands, economies of scale, marketing prowess, and an impressive global geographic footprint spell good things for Kellogg in the years ahead. An improving snack business is another positive. But let there be no doubt -- the key drivers here are the brands the young (and young at heart) have come to know and love: Special K, Frosted Flakes, Rice Krispies, Fruit Loops, and Apple Jacks. Further, from a market standpoint, while it's always possible for the health/organic segment to overwhelm the mainline cold cereal segment, that day has not arrived.

The qualifiers: Rising commodity costs could further cut into earnings, as would more-broadbased acceptance of generic cereals. Kellogg's shares closed Wednesday up 10 cents to $54.34.

Technically, Kellogg's chart looks good. Trading around $54, the stock is currently just below its 50-day moving average of $54.85, but the stock has been above its 200-day moving average -- the toughest average to break -- for more than 18 months. Further, Kellogg's chart displays a healthy advance, minor correction pattern.

Stock Analysis: Kellogg is a moderate-risk stock not suitable for low-risk investors. Investors with an investment horizon longer than 1 year should be rewarded from K's shares. Sell/Stop Loss: $43.