With the markets in a choppy/consolidation mode (or perhaps worse), it's best to consider including a few defensive stocks in your portfolio. CNH [Case New Holland] Global (NYSE: CNH) is worth an evaluation.

CNH is the second biggest manufacturer of agricultural equipment behind Deere (NYSE: DE), and also is a major manufacturer of construction equipment.

Like Deere, CNH is riding the global agricultural wave: emerging market development is increasing demand for agricultural products as food and as energy. (Example: corn for ethanol.)

Further, CNH has established brands in Case and New Holland, a reliable distribution network, and demonstrated marketing proficiency. Further, continued, strong demand for agriculture and construction equipment in Latin America represents a solid revenue tailwind.

The downside points? Above-average debt and a slowing domestic (Europe) market for Amsterdam-based CNH are on analysts' radar screens, but those are not large enough to offset the company's solid operational prospects, moving forward.

(Note: Technical analysis agnostics stop reading here; all others continue.)

Technically, CNH's chart looks good. The stock's only serious breach of its 50-day moving average occurred during the August 2007 market sell-off, and CNH has been above its 200-day moving average for about a year.

Stock Analysis: CNH Global is a moderate-risk stock not suitable for low-risk investors. With a p/e of 30, CNH is selling for an above-average price, hence investors should wait for a pull-back to $58-$60 before purchasing shares, if the market presents the opportunity. Sell / Stop Loss: $39.