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 China Real Estate Information Corp. (Nasdaq: CRIC), or CRIC, climbed 11% in intraday trading today on extraordinarily high volume.

So what: I couldn't find any news driving the rally, but given the stock's massive decline over the past few months, a big one-day pop -- on an "up" market day -- is hardly worth getting worked up about. Of course, CRIC shares got a much-needed boost last week after expanding its strategic agreement with Baidu (Nasdaq: BIDU), so today's move could also be a reflection of a legit shift in sentiment.

Now what: I wouldn't get too excited over CRIC just yet. While it might be tempting ride CRIC's recent wave of momentum, it continues to be a highly speculative long-term opportunity. Volatile Chinese small caps are risky enough as it is, but when you throw in CRIC's exposure to China's red-hot housing market, the situation becomes downright scary.     

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