Cramer's 'Mad Money' Recap: March 9

This article was originally published March 9.

Click here for an archive of Jim Cramer's Mad Money recaps.

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In the middle of the biggest bear market since the Great Depression, Jim Cramer told the viewers of his "Mad Money" TV show Monday his playbook isn't working in a market that has moved into uncharted territory.

In a typical recession, when there's strength in consumer stocks like Procter & Gamble (PG Quote) and Clorox (CL Quote), there's weakness in the rails or mineral stocks.

But today, he said, there was weakness across the board, from Norfolk Southern (NSC Quote) and FedEx (FDX Quote), to IBM (IBM Quote) and Hewlett-Packard (HPQ Quote).

Cramer said everything he's learned in his 30-year career on Wall Street doesn't seem to matter anymore, as the markets chart new courses in uncharted waters.

Utilities used to be the bedrocks of recession, he said, but not anymore. Insider buying used to be a leading indicator, but every insider that bought recently has just been dead wrong, said Cramer.

Even Warren Buffet has been wrong, said Cramer, as has just about every other metric investors have come to rely on.

Cramer admitted that the market is indeed oversold, but noted that in his analysis, the Dow Jones Industrial Average could fall another 15%, to just 5,320, before finally reaching a bottom.

He said investors need to stay lean and diversified, but noted that some stocks such as Wal-Mart (WMT Quote), a stock which he owns for his charitable trust, Action Alerts PLUS, along with Verizon (VZ Quote) and McDonald's (MCD Quote) are getting too cheap to pass up.