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 oil and natural gas producer Oasis Petroleum (NYSE: OAS) popped 10% in intraday trading today on above-average volume.

So what: With today's double-digit surge, Oasis is now up nearly 90% since its initial public offering in June. Of course, positive U.S. and Chinese data are also lifting the stocks today of energy giants like ExxonMobil (NYSE: XOM), Chevron (NYSE: CVX), and ConocoPhillips (NYSE: COP), all of which are up more than 2% at the time of this writing.

Now what: Oasis shares just seem too hot to touch right now. While today's economic data are encouraging, Oasis' 30-plus forward P/E doesn't exactly make it the most attractive macro bet at this point. Either way, Oasis' rock-solid balance sheet and strong operational track record make it an energy stock that's at least worth following.

Interested in more info on Oasis? Add it to your watchlist.