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NEW YORK (TheStreet) -- Thin markets are bad markets, Jim Cramer told his Mad Money viewers Monday, and this is the thinnest market we've seen in ages.

What's a "thin" market? Cramer said it's one with only a handful of leaders. And right now, the market seems to be selling just about everything. Everything, that is, except for "FANG," Cramer's acronym for Facebook (FB) - Get Report, (AMZN) - Get Report, Netflix (NFLX) - Get Report and Google (GOOGL) - Get Report. Cramer currently holds both Facebook and Google in his charitable trust, Action Alerts PLUS.

But while FANG may be great for those shareholders, it's bad for the markets in general to be reliant on so few winners. These four stocks alone cannot combat the crashing Chinese stock market, which fell another 8% today, nor head off the Federal Reserve, which will likely start talking serious about interest rate hikes when it meets again this week.

Whether it's falling commodities, declining semiconductors or the horrible 13-week decline in everything related to oil, there are many reasons for investors to be cautious. Don't let FANG fool you into a false sense of complacency.

Executive Decision: Lars Bjork

For his "Executive Decision" segment, Cramer sat down with Lars Bjork, president and CEO of Qlik Technologies (QLIK) , the data analytics company that last week posted a strong quarter with sales up 11% year over year and better-than-expected guidance.

Bjork said Qlik provides companies with collective human intelligence, allowing more people within an organization to have access to data so they can collectively make better decisions.

In the case of restaurant chain Planet Hollywood, Bjork said Qlik allows managers at each location to pick up a tablet or smart phone and see in real time how their restaurant is doing versus their budget and other restaurants. At Harvard University, Bjork said Qlik helps with fundraising efforts and general administration of the college.

With so many companies struggling under tons of data, Qlik helps make data more accessible to more users so more insights can be had by all, he said.

Stocks Worth Buying Now

It takes discipline to sell into strength and even more to buy into weakness, Cramer told viewers, but that's exactly what it takes to make money in the markets. That's why he revisited his shopping list of stocks he mentioned on July 9 to see which ones have fallen enough to be worth buying.

Among the list of 15 stocks, Cramer said that Nike (NKE) - Get Report and Snap-on Tools (SNA) - Get Report were both compelling but still have further to fall. Others, such as Walt Disney (DIS) - Get Report, haven't fallen at all.

Cramer was bullish on a few names, however, including Comcast (CMCSA) - Get Report, which is trading at a discount and has no overseas exposure, and Electronic Arts (EA) - Get Report, which has a compelling list of new titles coming.

Cramer was also bullish on General Mills (GIS) - Get Report, Kraft Heinz (KHC) - Get Report and Mondelez (MDLZ) - Get Report in the food space, suggesting investors start half a position on General Mills and Mondelez now but pounce on Kraft Heinz with that 2.8% yield.

Finally, Cramer recommended Ulta Salon (ULTA) - Get Report, a stock that's still up 30% for the year but off its highs.

What Happened to Biogen?

What exactly caused the meltdown in the stock of Biogen Idec (BIIB) - Get Report last week, where the stock lost 27% of its value? Cramer dug in to find out.

Cramer said Biogen's jarring declines actually began last December, when the company surprised Wall Street with exciting Phase I results for an Alzheimer's drug, news that sent share up a quick 12%. Then, in January, the company posted a strong quarter with guidance for 14% to 16% revenue growth for 2015 and investors swooned, as Biogen now had a solid current and future growth story.

By March 20, Biogen's stock hit an all-time high as investors awaited more Alzheimer's data, but that euphoria was soon squashed when the company missed estimates in April but continued to defend its 14% to 16% targets. After modest declines, Biogen's stock then traded sideways until last week.

Last week, Biogen hit investors with the one-two punch of only mediocre Alzheimer's data and the news that the company's 14% to 16% growth was looking more like 6% to 8%. Biogen, it seems, no longer has solid current or future growth.

Cramer said Biogen's shares deserved to lose the value it did because the company's three-legged stool of products plus pipeline seems to have all but vanished overnight. While he's waiting for the company's next quarter to pass final judgment, Biogen is now decidedly on notice.

Lightning Round

In the Lightning Round, Cramer was bullish on Cerus (CERS) - Get Report.

Cramer was bearish on ConocoPhillips (COP) - Get Report, Isis Pharmaceuticals (ISIS) , Medidata (MDSO) - Get Report, SanDisk (SNDK) and 3M (MMM) - Get Report.

No Huddle Offense

In his "No Huddle Offense" segment, Cramer answered the question, "Why are U.S. markets so tied to China?" After all, our markets were flat during the period when Chinese markets doubled so why would we participate in their decline?

Simple: The world needs growth and every country needs to do its part. The fact that Chinese stocks fell another 8% today doesn't tell us the whole story. The Chinese have gone to extraordinary measures to prop up their markets including suspending IPOs, banning short-sellers and preventing other large holders from selling.

The fact remains that any company that exports to China will be affected, which is Cramer continues to watch Freeport McMorRan (FCX) - Get Report as a proxy for the true level of supply and demand in this now troubled economy.

To watch replays of Cramer's video segments, visit the Mad Money page on CNBC.

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At the time of publication, Cramer's Action Alerts PLUS had a position in FB, GOOGL and MMM.