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 oil producer ATP Oil & Gas (Nasdaq: ATPG) popped for the second straight day, climbing 10% in intraday trading as I write.

So what: The move that started yesterday was driven by ATP starting production on one of its deepwater wells in the Gulf of Mexico. The Mississippi Canyon Block 941 A-2 well has initially produced more than 7,000 barrels of oil per day.

Now what: This is the third well in the Telemark Hub to begin production, and a fourth well is expected to begin production later this year. All together, production is now more than 31,000 barrels of oil per day. After a few weeks of shares gyrating 10% higher or lower almost every day, maybe this will give the bulls a chance to take control and send ATP higher. But a little help from higher oil prices wouldn't hurt.

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