Although we don't believe in timing the market or panicking over market movements, we do like to keep an eye on big changes -- just in case they're material to our investing thesis.

What: SUPERVALU (NYSE: SVU) shares popped 10% in intraday trading earlier, but it's not clear why; there doesn't appear to be any new news to justify bullishness on SUPERVALU today.

So What: The grocery company reported a hairy quarterly net loss and plunging sales last week, and also lowered its earnings guidance for 2011. This company's much-needed turnaround is going nowhere fast, and there's no news today to give investors a more bullish outlook.

Now What: Investors should steer clear of SUPERVALU. It competes with scores of formidable rivals including Safeway (NYSE: SWY), Kroger (NYSE: KR), Wal-Mart (NYSE: WMT), and Target (NYSE: TGT), not to mention plenty of privately held grocers like Wegman's; it's also got a massive debt load that investors shouldn't take lightly. There's no compelling reason to bag up shares of this grocery stock today.

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