Cramer's 'Mad Money' Recap: The New 'Indestructible' Stocks

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When fear prevails, it's not high-growth plays but consistent stocks that the market favors, Jim Cramer told viewers on his "Mad Money" TV show Monday.

On Nov. 8, Cramer identified five so-called "indestructible" stocks: Foster Wheeler (FWLT Quote), Medco Health (MHS Quote), Altria (MO Quote), Freeport-McMoRan (FCX Quote), and Transocean (RIG Quote), the latter three of which he owns for his charitable trust, Action Alerts PLUS.

However, Cramer acknowledged these five bulletproof stocks have not held up at all. What has amazed him is that the companies with the best year-over-year prospects -- Freeport-McMoRan and Foster Wheeler -- have been down the most.

"Terrific earnings growth cannot make a stock bulletproof in this environment," Cramer said, noting that earnings, growth and upside just are not working in this market.

What is working, he emphasized, are the defensive stocks like PepsiCo (PEP Quote), Coca-Cola (KO Quote) and Procter & Gamble (PG Quote).

Any business that can't be stopped by a recession is good now. Cramer said he's read the criticism on stockpickr.com about how he has changed his mind on Freeport and Foster Wheeler, but he asserted it's always better to stand corrected.

Cramer said these two are not going to work right now no matter how compelling their stories are. While he still believes in Freeport and Foster Wheeler over the long term, the market has abandoned these stocks right now, and if people can't take the pain, they should get out.