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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)

,

Medco Health

(MHS)

,

Altria

(MO) - Get Report

,

Freeport-McMoRan

(FCX) - Get Report

, and

Transocean

(RIG) - Get Report

, 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) - Get Report

,

Coca-Cola

(KO) - Get Report

and

Procter & Gamble

(PG) - Get Report

.

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.

Instead, it's time to play defense with indestructibles like Pepsi, Coke, Procter, Medco Health and Altria.

Oprah's Picks

During the Christmas and Hanukkah season, Oprah Winfrey does a show every year dedicated to her favorite gift products. This year, Cramer has three Oprah plays that could make people a bundle for the holidays.

Among Oprah's favorite 2007 items are boots from

Deckers

(DECK) - Get Report

(DECK) - Get Report

, the Scrabble board game from

Hasbro

(HAS) - Get Report

, the planet earth DVD from

Discovery

(DISCA) - Get Report

.

Cramer likes Hasbro the least of the three plays because toy-sale projections are not strong for next year. However, he said the toy manufacturer did make it through recalls with minimal damage, and investors should look at Hasbro as a two-year play.

Discovery Holding is a good play with two catalysts: a potential stock buyback in the works and talks under way to obtain 100% control of Discovery Communications, Cramer said.

But his favorite stock of the bunch, Cramer said, is Deckers, which is up by more than 400% since he first recommended it two years ago. The company, he said, is great at underpromising and overdelivering, has "strong brands," and is enjoying significant growth in direct sales. Cramer called Deckers "one of the rare growth stocks" he'd embrace right now.

"Between now and Christmas, Deckers is money," he said.

A Telecom Software Play

Synchronoss Technologies

(SNCR) - Get Report

is one behind-the-scenes telecom player investors should pay attention to, Cramer told viewers.

He welcomed Stephen Waldis, founder and CEO of Synchronoss, to the show and asked him to explain his company's business.

Synchronoss services all the major providers like

Time Warner

(TWX)

and

Cablevision

(CVC)

, Waldis said.

Whether it's

Verizon

(VZ) - Get Report

,

AT&T

(T) - Get Report

or

Comcast

(CMCSA) - Get Report

, more than 80% of the time it's Synchronoss' software that is sitting behind that infrastructure, the chief executive said.

Moreover, the company, Waldis continued, is moving "very aggressively" into the European market.

Sudden Death

During the "Sudden Death" round, Cramer was bearish on

Gmarket

(GMKT)

.

Image placeholder title

Lightning Round

Cramer was bullish on

Coca-Cola

(KO) - Get Report

,

PepsiCo

(PEP) - Get Report

,

Medco Health

(MHS)

,

Brocade Communications

(BRCD)

,

Cisco Systems

(CSCO) - Get Report

,

Research In Motion

(RIMM)

,

Google

(GOOG) - Get Report

,

Apple

(AAPL) - Get Report

,

Barrick Gold

(ABX)

,

Yamana Gold

(AUY) - Get Report

and

Procter & Gamble

(PG) - Get Report

.

Cramer was bearish on

Daimler

(DAI)

,

Quintana Maritime

(QMAR)

,

Silver Wheaton

(SLW)

and

Bank of America

(BAC) - Get Report

.

Want more Cramer? Check out Jim's rules and commandments for investing by

clicking here

.

For more of Cramer's insights during the Lightning Round, click here

.

At the time of publication, Cramer was long Altria, Freeport-McMoRan, Transocean.

Jim Cramer, host of the CNBC television program "Mad Money," is a Markets Commentator for TheStreet.com, Inc., and CNBC, and a director and co-founder of TheStreet.com. All opinions expressed by Mr. Cramer on "Mad Money" are his own and do not reflect the opinions of TheStreet.com or its affiliates, or CNBC, NBC UNIVERSAL or their parent company or affiliates. Mr. Cramer's opinions are based upon information he considers to be reliable, but neither TheStreet.com, nor CNBC, nor either of their affiliates and/or subsidiaries warrant its completeness or accuracy, and it should not be relied upon as such. Mr. Cramer's statements are based on his opinions at the time statements are made, and are subject to change without notice. No part of Mr. Cramer's compensation from CNBC or TheStreet.com is related to the specific opinions expressed by him on "Mad Money."

None of the information contained in "Mad Money" constitutes a recommendation by Mr. Cramer, TheStreet.com or CNBC that any particular security, portfolio of securities, transaction, or investment strategy is suitable for any specific person. You must make your own independent decisions regarding any security, portfolio of securities, transaction, or investment strategy mentioned on the program. Mr. Cramer's past results are not necessarily indicative of future performance. Neither Mr. Cramer, nor TheStreet.com, nor CNBC guarantees any specific outcome or profit, and you should be aware of the real risk of loss in following any strategy or investments discussed on the program. The strategy or investments discussed may fluctuate in price or value and you may get back less than you invested. Before acting on any information contained in the program, you should consider whether it is suitable for your particular circumstances and strongly consider seeking advice from your own financial or investment adviser.

Some of the stocks mentioned by Mr. Cramer on "Mad Money" are held in Mr. Cramer's Action Alerts PLUS Portfolio. When that is the case, appropriate disclosure is made on the program and in the "Mad Money" recap available on TheStreet.com. The Action Alerts PLUS Portfolio contains all of Mr. Cramer's personal investments in publicly-traded equity securities only, and does not include any mutual fund holdings or other institutionally managed assets, private equity investments, or his holdings in TheStreet.com, Inc. Since March 2005, the Action Alerts PLUS Portfolio has been held by a Trust, the realized profits from which have been pledged to charity. Mr. Cramer retains full investment discretion with respect to all securities contained in the Trust. Mr. Cramer is subject to certain trading restrictions, and must hold all securities in the Action Alerts PLUS Portfolio for at least one month, and is not permitted to buy or sell any security he has spoken about on television or on his radio program for five days following the broadcast.