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 insurer Ambac Financial (NYSE: ABK) jumped more than 10% in intraday trading.

So what: Shares of Ambac were toasted earlier in the week when the company said it might file for bankruptcy protection. Earnings from mortgage insurer Radian Group (NYSE: RDN) seemed to breathe life into the entire sector a day later, though, and Ambac gained back some ground. Today, the shares are continuing to ride the upswing, no doubt helped by the Fed's policy announcement.

Now what: Seriously, folks, who's still buying this? Don't expect any government intervention -- it's Ambac the holding company that might file for bankruptcy, not the actual insurer. One question that remains is whether it might be a prepackaged bankruptcy or a Chapter 11. Either way, I believe the common shares will soon only be good for small art projects and amateur origami.

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Fool contributor Matt Koppenheffer does not own shares of any of the companies mentioned. You can check out what Matt is keeping an eye on by visiting his Motley Fool CAPS portfolio, or you can follow Matt on Twitter @KoppTheFool or on his RSS feed. The Fool's disclosure policy assures you no Wookiees were harmed in the making of this article.