Perhaps the United States' two most prominent expressions of modernism are the skyscraper and the airplane. United Technologies (NYSE: UTX) plays a large role in and profits from each, and you will, as well, by owning UTX's shares.

True, air travel (both leisure and business) has had a difficult stretch, domestically. What is the bullish argument in the segment? A large backlog in commercial aircraft orders at The Boeing Company (NYSE: BA) and Airbus, to which UTX supplies jet engines via its Pratt & Whitney unit (22% of revenue); and moderation in oil/jet fuel prices -- something that will help U.S. and foreign airlines. Further, while domestic travel will struggle to grow in the immediate years ahead, travel in emerging markets should return to adequate growth rates once healthy GDP growth resumes in Asia and Latin America: the world economy is not going to stay at an anemic 0.5% GDP growth rate forever.

Readers of this space know that selected defense contractors are my preferred plays, growing U.S. economy or not. (But let's hope it's a growing U.S. economy). And the reason for the defense contractor bullishness is obvious enough. The geopolitical climate can change, of course, but it looks like defense, national security and anti-terrorism efforts will remain at the top of the U.S.'s concerns, for the foreseeable future.

Further, when one can combine a defense contractor with an industrial play, including commercial aviation, the potential exists for superior return on equity. And with the above in mind, United Technologies is worth a review.

United Technologies (NYSE: UTX) is one of those handful of stocks in which you can buy 200 shares or 50 shares for your child's college fund, and then look back on it in 10 years and be very glad you did.

Here are some attributes: Leadership position in high-value-add sectors, substantial defense contracts, infrastructure/capital improvement businesses, technological leadership, diversification and operational balance, economies of scale, massive amounts of engineering talent, long history of steady earnings growth and dividend growth. The Reuters F2008/F2009 EPS consensus estimates for UTX are $4.88/$5.45.

Bull market, or -- as has been the case recently -- not-so-bull-market, United Technologies (NYSE: UTX) remains an attractive play for all but the most conservative investors.

United Technologies is one of those handful of stocks where you can buy 200 shares or 50 shares for your child's college fund, then look back on it in 10 or 15 years and be very glad you did.

Here are some of UTX's more impressive attributes: leadership position in high-value-added sectors, substantial defense contracts, infrastructure/capital improvement businesses, technological leadership, diversification & operational balance, economies of scale, massive amounts of engineering talent, long history of steady earnings growth and dividend growth. The Reuters F2007/F2008 EPS consensus estimates for UTX are $4.26-4.85.