The U.S. stock market's choppy, volatile pattern continues. Technically, the Dow's rally from the February 2008 and March 2008 market lows around 11,800 to the 13,100-range is displaying signs that it may have been a false rally: the rally failed at the 200-day moving average and closed Thursday, for the second straight day, below the 50-day moving average.

Further, the fundamental story does not look good, either: $130 per barrel oil, a housing market showing no signs of recovery and the specter of scant job creation for at least the next two or three months does not exactly represent the strongest magnets to attract new money to the market.

On February 4, 2008, I provided five defensive stocks worthy of consideration. Listed below is a progress report, with revised recommendations for each.

Procter & Gamble (NYSE: PG) - a diversified consumer products giant, extraordinaire.
February 4, 2008 price: $66. Sell / Stop Loss: $47.
May 22, 2008 price: $65.62. Revised recommendation: I'd continue to hold PG here if I owned it, definitely buy it if I didn't. Revised Sell / Stop Loss: $47.

Cola-Cola (NYSE: KO) - because no one ever went broke, holding Coke.
February 4, 2008 price: $59. Sell / Stop Loss: $43.
May 22, 2008 price: $58.27. Revised recommendation: I'd continue to hold KO here if I owned it, definitely buy it if I didn't. Revised Sell / Stop Loss: $47.

AT&T (NYSE: T) - Ma Bell is almost as big and as strong as she was before her forced break-up by the U.S. Government decades ago.
February 4, 2008 price: $38. Sell / Stop Loss: $27.
May 22, 2008 price: $38.20. Revised recommendation: I'd continue to hold T here if I owned it, definitely buy it if I didn't. Revised Sell / Stop Loss: $27.

Tupperware (NYSE: TUP) - a wonderful defensive play, given that millions more Americans will be eating at home and saving more leftovers rather than eating out, in the decade ahead.
February 4, 2008 price: $38. Sell / Stop Loss: $22.
May 22, 2008 price: $38.44. Revised recommendation: I'd continue to hold TUP here if I owned it, definitely buy it if I didn't. Revised Sell / Stop Loss: $26.

Woodward Governor (NASDAQ: WGOV) - solid international demand for energy control systems, industrial / aircraft engines and power equipment buttresses Woodward against a U.S. economic downturn.
February 4, 2008 price: $30. Sell / Stop Loss: $16. Note: These prices reflect a 2-for-1 stock split in February 2008.
May 22, 2008 price: $38.48. Revised recommendation: I'd continue to hold WGOV here if I owned it, definitely buy it if I didn't. Revised Sell / Stop Loss: $26.

Disclosure: Lazzaro has no positions in stocks. In addition to private real estate holdings, he owns corporate and municipal bonds, and cash certificates of deposit.