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 refiner CVR Energy (NYSE: CVI) shot 10% higher today after the company released earnings.

So what: Adjusted earnings per share in the fourth quarter were $0.14, beating analysts' estimate of $0.09. Sales were up 24.6% to $1.15 billion in the quarter as Midwest demand was higher than expected.

Now what: The positive results are encouraging, and with Midwest utilization rates leading all U.S. regions in January, the results could continue going forward. Oil prices are still a cloud over refiners, but right now CRV looks to be headed in the right direction. I am bullish on today's move but will keep an eye on oil and gas prices to assess margin risk going forward.

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