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 Venoco (NYSE: VQ) fell, popped, and dropped again in a wild ride.

So what: Venoco had a net loss of $24 million in the first quarter, hurt by a $33 million derivative loss. Initially, shares dropped on the news but spiked higher in heavy volume just before noon ET. 

Now what: After reaching a peak, rapidly falling oil prices weighed on shares as crude oil quickly reversed its recent trend of moving higher. As of this writing, crude oil was down 10% and Venoco was about flat for the day, so all of this movement has left us back where we started. Until we get a good indication of where oil is headed, I'll stick firmly on the sidelines.

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

Fool contributor Travis Hoium has no position in any company mentioned. You can follow Travis on Twitter at @FlushDrawFool, check out his personal stock holdings or follow his CAPS picks at TMFFlushDraw.

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