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 BPZ Resources (NYSE: BPZ) fell 10% as oil prices pulled back today. 

So what: Company-specific news was lacking today, but oil is down more than 1.5%, which is weighing on shares. But it doesn't look like anything worth panicking over.

Now what: BPZ has had a tough go of it on the market lately with the stock down considerably since March highs. I would like to see the company at least meet estimates and start unlocking some of their value before jumping in. I just don't see a reason to buy on the dip today.

Interested in more info on BPZ Resources? Add it to your watchlist.