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 Chinese probiotics manufacturer China-Biotics (Nasdaq: CHBT) were taking it on the chin today, falling as much as 20% in intraday trading on heavier-than-average volume.

So what: If China-Biotics bulls are looking for somebody to shake their fists at today, it's's Rick Pearson. Pearson penned an extended commentary discussing his recent visits to China-Biotics facilities and his decision to stay "extremely short" China-Biotics shares.

Now what: At this point, not much surprises me when it comes to Chinese small caps and I've decided to steer clear of the group altogether. Pearson's rundown of China-Biotics sounds pretty par for the course when it comes to Chinese companies under suspicion. In short (no pun intended), it sounds like these are lightly staffed and trafficked facilities that don't appear to be doing nearly the volume of business that the company claims. Could this be another case of smoke and mirrors? Time will tell, but you won't find my portfolio anywhere near it.

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