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 Approach Resources (Nasdaq: AREX) jumped 10% today as the price of oil lifted shares.

So what: The stock plummeted yesterday when oil fell as the market worried that Italy may bring Europe and the rest of the world economy crashing down. Today is a bit of a makeup, with oil up over 2% as I am writing and many smaller oil producers climbing near double digits.

Now what: Considering earnings were pretty strong in the third quarter and oil is on a trend higher, I think shares are looking attractive. But the daily ups and downs will continue because oil is still very volatile while Europe's debt crisis hangs over the world economy. Shares are about flat over the last two days, and in the long run I see yesterday's plunge and today's pop as noise in the bigger picture.

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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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