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.     

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

Fool contributor Brian Pacampara owns no position in any of the companies mentioned. Motley Fool newsletter services have recommended buying shares of Baidu. Try any of our Foolish newsletter services free for 30 days.

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