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: Drilling contractor Vantage Drilling (AMEX: VTG) jumped 10% higher today on extremely high volume.

So what: The news came out on Friday when the company announced that ultra-deepwater drillship, Platinum Explorer, was making its way to India for a five-year contract, and investors kept pushing shares higher today. Near the end of the trading day, 7 million shares had traded hands, surging past the average volume of 1.1 million shares.

Now what: Shares have been moving higher since Wednesday and the momentum trade is gaining steam. At the risk of missing out on a continued move higher, I am going to wait out this move until volume settles down. I don't want to get left holding the bag if shares fall back to prices we saw early last week.

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

Fool contributor Travis Hoium does not have a position in any company mentioned. You can follow Travis on Twitter at @FlushDrawFool, check out his personal stock holdings or follow his CAPS picks at TMFFlushDraw.

Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy.