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.

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