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.