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: Does Crocs (Nasdaq: CROX) make Air Jordans? I think I know the answer, but I've got to ask anyway -- because this morning, I'm watching in wonderment as Crocs shares jump 15% and hang ten.

So what: Crocs reported Q2 earnings yesterday evening, and what an quarter it was. Sales surged 30%, while profits sprinted ahead 72% in comparison to Q2 2010.

Now what: And Crocs isn't done yet. Management tells us to expect another 30% jump in sales during this current quarter. Sales should be in the $280 million range, with profits hitting $0.40 per share. Management says Crocs has its "most diverse product line ever," and consumers seem to be snapping up Crocs by the cart-load.

As for whether you should buy it, though ... well, I admit the stock looks kind of pricey at 25 times trailing earnings. On the other hand, back-to-back 30% sales-gain quarters could put the lie to analyst predictions of 12.5% long-term earnings growth at Crocs. If this company keeps this up much longer, Wall Street's just going to have to raise its expectations -- with analyst upgrades following, and in all likelihood, further price pops for Crocs.

Bears versus bulls -- who will carry the day? Add Crocs to your Watchlist and find out.