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: Shares of Canadian oil and gas explorer TransGlobe Energy (Nasdaq: TGA) sank as low as 11% in intraday trading Tuesday, as Asian inflation fears weighed heavily on energy prices.  

So what: Today's global sell-off was sparked by South Korea's key interest rate increase, fueling speculation that China will follow suit in the next few days. Naturally, Mr. Market is worried that a Chinese rate hike would work to cool the country's growth, weaken its appetite for basic materials, and, in turn, hurt energy producers like TransGlobe Energy.

Now what: Even oil behemoths ExxonMobil (NYSE: XOM), Chevron (NYSE: CVX), and Total (NYSE: TOT) are down more than 2% today on the growing global concerns. Of course, TransGlobe Energy shares have more than doubled over the past three months alone, so it's no surprise that they're taking a particularly tough beating. But for those oil bulls who have been patiently waiting for a TransGlobe Energy pullback, now might be your chance.

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