Keep an Eye on the Nasdaq

We are asking an awful lot of Research In Motion (RIMM - commentary - Cramer's Take) today. We need it to reverse the sickening four-day decline of the Nasdaq, which has seen fateful rollovers of Apple (AAPL - commentary - Cramer's Take), Applied Materials (AMAT - commentary - Cramer's Take), Adobe (ADBE - commentary - Cramer's Take), Broadcom (BRCM - commentary - Cramer's Take), eBay (EBAY - commentary - Cramer's Take), Yahoo! (YHOO - commentary - Cramer's Take) and Google (GOOG - commentary - Cramer's Take).

That's not to mention critical blow-ups of Jabil (JBL - commentary - Cramer's Take), the contract manufacturer, and PMC-Sierra (PMCS - commentary - Cramer's Take), once a harbinger of Cisco (CSCO - commentary - Cramer's Take) orders and the obvious decline in the cell-phone business.

But another sign of stability is right there in front of us: Cisco, Microsoft (MSFT - commentary - Cramer's Take), Garmin (GRMN - commentary - Cramer's Take) and Akamai (AKAM - commentary - Cramer's Take) have barely come in, and brain-dead Intel (INTC - commentary - Cramer's Take) did not go below $20.

I think that the combination of the RIMM triumph and the four-day decline might send things flying. Plus, I sense the shorts leaned the wrong way on Research In Motion, and that could cost them. A positive report on Google from Cantor last night plays a role, too.

Of course, the fulcrum is Apple (AAPL - commentary - Cramer's Take). And for that, I am, for once, grateful for the skeptical piece about cell-phones and Apple today. I, myself, a big bull on Apple, just hate the cell-phone market. One look at Motorola (MOT - commentary - Cramer's Take) and Nokia (NOK - commentary - Cramer's Take), real underperformers, can explain that hate affair.

Anyway, if I were at my old hedge fund, I would be buying QQQQs (QQQQ - commentary - Cramer's Take) ahead of the market -- check Helene Meisler on this -- betting that the snapback is here and it could last clear across the rest of the trading days.

At the time of publication, Cramer was long Yahoo!.

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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. Outside contributing columnists for TheStreet.com and RealMoney.com, including Cramer, may, from time to time, write about stocks in which they have a position. In such cases, appropriate disclosure is made. To see his personal portfolio and find out what trades Cramer will make before he makes them, sign up for Action Alerts PLUS. Watch Cramer on "Mad Money" weeknights on CNBC. Click here to order Cramer's latest book, "Mad Money: Watch TV, Get Rich," click here to order his book, "Real Money: Sane Investing in an Insane World," click here to get his second book, "You Got Screwed!" and click here to order Cramer's autobiography, "Confessions of a Street Addict." While he cannot provide personalized investment advice or recommendations, he invites you to send comments on his column by clicking here.

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