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.

Awhile back, amid the subprime default fall-out, more-somber outlook for the U.S. economy and hence, the markets, yours truly suggested that investors increase the number of defensive stocks in their portfolios. In doing so I drew on a lesson offered by my late Uncle Nick, a lifelong New York Giants fan and season ticket holder. The wisdom:

In tough times, think established companies. Something, as my Uncle Nick would say, "As strong as the New York Giants' defensive front four." And I added that in case one hadn't noticed lately, the defensive front four of the Giants, also the favorite football team of yours truly, is still pretty good.

(My late Uncle Nick, of course, based his advise on the Giants' longstanding tradition of building a strong defense first, because, according to many revered football head coaches, Vince Lombardi and Bill Parcells among them, defense wins championships.)

Most mergers are driven by the notion, sometimes wildly mistaken, that the combination will bring both a competitive advantage. Some pairs of companies, however, seem so intuitively right for one another, no bottom-line considerations should be allowed to interfere with their matrimony. Like a BB gun and an empty bottle, these two were meant for one another.

The funeral industry is one of the last bastions against the pervasive move down-market. Not even Ikea sells a casket. Yet.

There are two American companies, though, that if combined, could offer a new application for a product that people have trusted for decades -- I'm talking, of course, about a Tupperware Casket. I even have a slogan: Burp 'em and bury 'em.

One of Hillenbrand Industries, Inc. (NYSE: HB)'s best holdings is the Batesville Casket Company. While the funeral services portion of HB has enjoyed steady growth, it is now facing possible antitrust charges for allegedly conspiring with funeral home companies to prevent discounters and online retailers from marketing their wares. Pairing up with Tupperware (NYSE: TUP) on a line of budget burial goods might take the teeth out of that charge.

Continuing with our defensive stock series: given the current choppy / consolidating markets (or perhaps worse), Tupperware (NYSE: TUP) doesn't strictly-fit the defensive stock definition, as it's in the consumer / discretionary segment. Still, given TUP's potential, it warrants a review by investors.

Tupperware's signature product is the food storage container that carries the company's patented seal. One could make the case that U.S. shoppers will buy fewer of these containers as the U.S. economy slows, as they are, strictly speaking, a discretionary purchase. Still, we know from previous belt-tightening periods Americans tend to cut back on dining out. Undoubtedly that means more home prepared meals, and leftovers, which need containers -- a positive trend for Tupperware.

Further, with sales in more than 100 countries, Tupperware is adequately-positioned to benefit from continued good-to-excellent GDP growth in emerging markets. The Reuters F2007/2008 revenue consensus estimates for TUP are $1.91 billion / $1.99 billion. Tupperware's shares fell $1.83 to $33.63 in Wednesday afternoon trading.