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 China-based wealth manager Noah Holdings (NYSE: NOAH) fell as much as 10.4% on heavy trading today, starting with a massive-volume downward spike right at the opening bell.

So what: The move mirrors a 17% upward spike last Friday and a plethora of temporary intraday jumps and falls that could drive a nervous man to distraction. Noah shares tend to amplify what's going on in the financial services sector, and today, American peers Legg Mason (NYSE: LM) and Artio Global Investors (NYSE: ART) are sagging badly based on European economy concerns.

Now what: On top of general market concerns, the U.S. Senate just introduced a bill that could take American money out of the Chinese market -- not much help for a Shanghai-based wealth manager. Noah has potential, but needs to have some of the volatility-boosting uncertainty shaken out of it first. Trading at nearly 26 times trailing earnings, this is one of the most expensive stocks in the financial services sector -- on any continent.

Interested in more information about Noah Holdings? Add it to My Watchlist.