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 liquefied natural gas company Cheniere Energy (AMEX: LNG) climbed as much as 14% in intraday trading Wednesday on above-average volume.

So what: After an uneventful morning, the shares suddenly spiked to $9.24 just after 1 p.m., only to retrace steadily over the rest of the afternoon. I can't pinpoint any news driving the heavy volatility, but given Cheniere's high short ratio of above 4, today's rally in energy prices could have triggered a "squeezing" effect of sorts.

Now what: I wouldn't read too much into today's roller coaster. Speculative stocks have a tendency to swing wildly on little to no news, and Cheniere -- with its highly leveraged balance sheet, lack of earnings, and massive price run-up over the past year -- is as speculative as they come. In other words, risk-averse investors should continue to keep their distance.

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

Fool contributor Brian Pacampara owns no position in any of the companies mentioned. Try any of our Foolish newsletter services free for 30 days.

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