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 liquefied natural gas company Cheniere Energy (AMEX: LNG) rose 10% today after the company announced a tentative deal to export liquefied natural gas.

So what: Endesa in Spain and Enel Trade in Italy have signed tentative agreements to acquire up as much as 1.5 million metric tons per year of LNG from the planned Sabine Pass LNG terminal. The deal hinges on Cheniere getting approval to export from the terminal.

Now what: The company anticipates that it could start exporting by 2015, so these deals aren’t even close to being sales yet. There's a long way to go before the Sabine Pass LNG terminal is up and running, but with 9.8 million metric tones per year of agreements, the company is headed in the right direction. I'm cautiously optimistic on today’s news, but with revenue still years away, I’ll wait for a better day to buy shares. 

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