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 Chinese IT services specialist Camelot Information Systems (NYSE: CIS) popped 10% in intraday trading Monday on heavy volume.

So what: Today's double-digit surge, which comes on nearly triple the average volume, represents an all-time high for Camelot's shares. Camelot only went public in July at roughly $11 per share, but the stock has managed to climb more than 90% in that short period of time.

Now what: I'd be hesitant about buying into Camelot at this point. Although analysts expect Camelot to grow profits at about 20% in each of the next five years, I can't help but feel nervous about its smoking-hot stock price, 50-ish P/E, and, of course, its status as a Chinese small cap. When it comes to the IT services space, tried-and-true global giants such as IBM (NYSE: IBM) and Accenture (NYSE: ACN) just seem like safer places for my money.

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