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: BroadSoft (Nasdaq: BSFT) shares jumped 12% today on high volume and a potential short squeeze.

So what: Volume is nearly three times average today as traders scramble to cover short positions that have been building rapidly since October. The only real news from the provider of IP-based communications services was the announcement that it would present at the Annual Needham Growth Conference.

Now what: With little significant news from the company, buying today would be little more than a speculative adventure. Short squeezes can see shares rise quickly, but they can fall just as fast when the squeeze is over. I'll sit on the sidelines today hoping to hear something positive at the conference Tuesday.

Interested in more info on BroadSoft? 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.

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