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 chip designer and Stock Advisor recommendation NVIDIA (Nasdaq: NVDA) are soaring today, rising more than 10.7% on a daylong upward slope at fairly heavy trading volume.

So what: By all rights, this is what NVIDIA's chart should have looked like yesterday, when Intel (Nasdaq: INTC) agreed to a lucrative cross-licensing pact and Advanced Micro Devices (NYSE: AMD) kicked out a winning CEO for no good reason. If yesterday's NVIDIA dip was a profit-taking move, then investors are simply backing up the truck again today.

Now what: The share price has doubled in three months, and most of this enthusiasm comes from NVIDIA becoming a major player in the mobile computing space. Does the stock have any room left to run? A rising ratio of short sales indicates market skepticism, and yet the bull run continues. Tread lightly on both sides of the short-sale fence, dear investor.

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