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 Forest Oil (NYSE: FST) jumped 10% in early trading today, a day after shares plunged 12%.

So what: Yesterday, Forest Oil shares followed the entire oil and gas sector south, but today investors got some good news. Canaccord Genuity upgraded shares from hold to buy this morning, giving a short-lived boost to shares.

Now what: As usual, the market cared about the upgrade for a moment, but the momentum didn't last. Shares are now up just 5% on the day, but that's still better than explorers and producers like Kodiak Oil & Gas (NYSE: KOG), which has fallen 10% today. I would be cautious buying into this move because oil will still drive the company's earnings, and right now, oil isn't priced attractively for producers.

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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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