As investors grapple with the issue, Cramer thinks there are three influences that must be examined before drawing a conclusion and they all involve why Apple fell so hard to being with.
"The first had to do with an earnings progression that was one of the worst out there, with three missed quarters and a host of questions about slowing growth," Cramer said. It would seem this latest earnings report ends the negative progression.
"Second, until, now, Apple didn't seem inclined to boost the dividend in any aggressive way," Cramer added. However, in the earnings release Apple said it would increase its dividend 15 percent to $3.05 a share and also said it would expand its share repurchase program to $60 billion from the $10 billion level announced last year.
Taken in tandem, the Mad Money host sees relatively positive developments.
And in his opinion these developments should have a bullish impact – that is, he thinks they stop Apple's rapid descent. "Both developments are terrific news and should create a floor," he said.
However, stopping the descent and starting a rally are hardly the same thing. And Cramer's not so sure the earnings report eliminated what he considered a very negative catalyst.