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 tanker operator Frontline (NYSE: FRO) jumped 14% today in a rebound from recent losses.

So what: Competitor Nordic American Tanker Shipping's (NYSE: NAT) CEO wrote a letter to shareholders indicating his bullish view of the industry. Despite a supply glut, the CEO thinks the company's dividend is safe for now and demand will pick up going forward.

Now what: This looks like a bit of a dead cat bounce for Frontline following some mildly bullish news from a competitor. Frontline's shares have been in a freefall for six months and investors are jumping back in hoping that Nordic American Tanker Shipping is right and a rebound in demand is around the corner.

I would be cautious buying here. A falling stock is almost impossible to catch at the bottom and with $2.4 billion in long-term liabilities and losses mounting, Frontline isn't exactly on solid footing right now.

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

Fool contributor Travis Hoium does not have a position in any company mentioned. You can follow Travis on Twitter at @FlushDrawFool, check out his personal stock holdings or follow his CAPS picks at TMFFlushDraw.

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