Trading RIMM's Thursday Report

Wednesday, 23 Sep 2009 | 3:10 PM ET

Wednesday was an important day, Cramer said during Stop Trading!, but not because of the Federal Reserve announcement. Instead he was focused on the market’s push higher despite falling oil prices.

Stop Trading, Listen to Cramer!
Mad Money host Jim Cramer shares his stock picks with CNBC's Erin Burnett.

Stocks have seemed dependent on the direction of crude, Cramer pointed out. Unless we saw some sign of economic strength, namely through higher oil prices, the market went down.

“That’s not happening,” Cramer said. “It’s very positive.”

Cramer applauded General Mills’ quarter, calling it “terrific” on both the top and bottom lines. The company has gone from being a consistent grower, he said, to a “better-than-consistent grower.” The positive report has boosted other stocks in the sector.

Beer prices are rising, even though volumes aren’t up. It’s a trend that seemed to start when InBev bought Anheuser-Busch, Cramer said, making the industry “the least competitive part of our food system.”

Lastly, Cramer told viewers to focus on the mobile Internet’s long-term prospects rather than trading the related companies’ quarters. Research in Motion , which reports earnings on Thursday, was a perfect example.

“If you’re trying to play this for the quarter,” Cramer said, “you’re making a very big mistake.”

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