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: Not six months ago, I took a look at a little oil exploration play that Wall Street traders had recently been buying, hand over fist. Its name was Global GeoPhysical Services (NYSE: GSS), and while I admit I'd never heard of the company before, once I noticed it, I sure did like what I saw -- and I told you so.

So what: Did you listen? I sure hope you did, because Global Geo is up 72% from the price at which I spotted it, including a 10% leap higher that happened just today (now subsided to just a 7% rise).

Now what: So far as I can tell, there's no good reason for today's price spike in particular. The company put out a press release mentioning that it's added a couple oil execs to its board of directors, which now includes representatives from Apache (NYSE: APA), Anadarko (NYSE: APC), Linn Energy (Nasdaq: LINE), and others. An all-star lineup, to be sure, but it's not usually the thing of which 10% price spikes are made.

More importantly, though, the long-term argument in favor of buying this stock remains intact. At last report, Global Geo was still churning out free cash flow at the rate of $101 million per year. The resulting valuation of 6.4 times free cash flow tells me there's every reason to buy the stock today -- and every chance of it continuing to go up in the future.

Maybe Rich was lucky, recommending Global Geo all those months ago -- but is he tempting fate by doubling down on that bet after a 72% gain? Add Global Geophysical to your watchlist, and watch how this plays out.