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: Office Depot (NYSE: ODP) shares leapt as high as 11% today, before falling back to close out the day just shy of a 10% gain.

So what: The only real OD-specific news out today is the company's move to close a distribution center in Lansing, Ill. Poor results out of Best Buy (NYSE: BBY), however, may be contributing to Office Depot's spike, on the theory that what's bad for a tech-retailing rival could be good for OD -- the more so when you recall that OD's back-to-school update last week wasn't nearly as bad as it might have been.

Now what: That said, my reservations about last week's surge remain in effect today. Analysts still see little chance Office Depot will break even this year. Next year's projected $0.13-per-share profit doesn't seem to justify the shares' price, especially not with long-term growth expectations still stuck at 10%.

The upshot: OD's still a strong sell.

Think Rich is wrong? Think Office Depot's price surge is justified? You could be right. Add it to your watchlist and find out.