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 Latin American eBay (Nasdaq: EBAY) equivalent MercadoLibre (Nasdaq: MELI) look like a winning bid today, rising as much as 10.7% on heavy volume. The biggest spike in volume and price came in early morning action.

So what: Though we're in the thick of another earnings season here, MercadoLibre doesn't announce results for another week and a half. But yesterday was the company's Investor Day, and investors clearly liked what they heard there.

Now what: The event didn't really present anything new, but reinforced MercadoLibre's market-leading position in the suddenly red-hot markets south of the Rio Grande. The enthusiasm here makes me wonder if Netflix (Nasdaq: NFLX) didn't pick exactly the right moment to fill out the Americas with streaming video services -- something we'll hear more about on Monday. As for MercadoLibre itself, the stock looks inexpensive after falling nearly 50% in six months, and shareholders can use every available scrap of good news.

Interested in more information about MercadoLibre? Add it to My Watchlist.