NEW YORK (TheStreet) -- Will BlackBerry (BBRY) disgust the bulls or send bears into a short squeeze frenzy Friday when it reports earnings? TheStreet's Jim Cramer and Debra Borchardt are telling investors how to play it.

Based on some channel checks, BlackBerry is selling a ton of phones. But based on others, the company only has empty stores. So what do investors do with a stock that is clearly going to move big tomorrow?

"It cries out for an options strategy," Cramer said, regarding the heightened volatility and 30% short float.

He added that investors are going to experience a similar event next quarter when BlackBerry again reports earnings, because the company hasn't had a full quarter in North America to sell its new phones.

While bulls argue the company is the next


and bears say it's the next


, Cramer asks: Why can't it be in-between?

At $12, the stock has found substantial support and at $15 substantial resistance. Because of this, Cramer says that by purchasing call options, traders can limit their downside while taking advantage of a move to the upside.

"The risk

to reward is bad up here at $15," he added, "I would not own the common,

it's way too dangerous."

Cramer concluded that while he's not a fan of the stock, he would certainly be a buyer around $12 again, due to the favorable risk to reward opportunity.

-- Written by Bret Kenwell in Petoskey, Mich.

Follow @BretKenwell

Bret Kenwell currently writes, blogs and also contributes to Rocco Pendola's Weekly Options Newsletter. Focuses on short- to intermediate-term trading opportunities that can be exposed via options. He prefers to use debit trades on momentum setups and credit trades on support/resistance setups. He also focuses on building long-term wealth by searching for consistent, quality dividend paying companies and long-term growth companies. He considers himself the surfer, not the wave, in relation to the market and himself. He has no allegiance to either the bull side or the bear side.