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: A day after gyrating all over the place, shares of Venoco (NYSE: VQ) finally decided which direction they were headed, as sellers dumped the stock, dropping the price by 10% today.

So what: Yesterday, investors couldn't decide whether to buy after earnings or be depressed that oil was plunging throughout the day. Today, the latter took precedence, as shares slid lower all day long.

Now what: Crude oil tried to rebound today but fell another 2%, so oil companies such as Venoco will have to deal with lower prices for now. Yesterday, I said I would sit out the move on uncertainty regarding where oil is headed, and I feel the same way after today's move. Until oil stops dropping, there's no reason to jump into the stocks of oil producers who will be hit on the bottom line by lower prices.

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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