Cramer on BloggingStocks: RIMM defines this moment

TheStreet.com's Jim Cramer says the BlackBerry maker's quarter was not as bad as some folks believe, and more importantly, that the way the market reacts to it will speak volumes about the market itself.

Its quarter isn't even an issue. Research In Motion (NASDAQ: RIMM) (Cramer's Take) defines this moment.

First, hold your ears, don't let the bears get near you. The company beat the revenue, it did the high end of its earnings per share range and it beat the gross margins. It crushed the guidance, doing something I love, by pulling what I thought would be what it would earn two quarters from now into next quarter. That's my favorite sign of a breakaway.

You say you can top the earnings and revenue next quarter of what you thought you could do two quarters from now, and you are golden. No flies, no hair on that.

So if the stock goes down, it will be the ultimate tell about this market. From that standpoint, we have a battle royale, because it doesn't take me to know that this is the stock that must be stopped if you are a bear. It simply must be stopped at $100 and turned back.

The four horsemen -- Apple (NADSAQ: AAPL) (Cramer's Take), Google (NASDAQ: GOOG) (Cramer's Take) (price target raised by important Bear Stearns analyst this morning), Amazon (NASDAQ: AMZN) (Cramer's Take) and Research In Motion -- were the strongest growth stocks that led us through the mortgage madness this summer. They have continued to power through in the fall.

RIMM controls the horsemen. They pull the Nazz. The Nazz pulls the market, excluding oil.

It is that simple.

I don't have any answers here yet. But there must be no doubt: if good quarters count to take the market higher, RIMM's was the definition.

Let's see what happens.

RELATED LINKS:

• Jim Cramer's Portfolios of the Week
• The Five Dumbest Things on Wall Street This Week

Jim Cramer is a director and co-founder of TheStreet.com. He contributes daily market commentary for TheStreet.com's sites and serves as an adviser to the company's CEO. At the time of publication, Cramer had no positions in any of the stocks mentioned in this post.