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 Basic Energy Services (NYSE: BAS) have popped 11% today after receiving an upgrade, while the market anticipates increased demand due to drilling in Angola.

So what: Dahlman Rose upgraded shares to a buy rating yesterday but the big drivers came today. Oil is up 3.6% in trading, driving oil industry service competitors like Key Energy Services (NYSE: KEG), Nabors Industries (NYSE: NBR), and Halliburton (NYSE: HAL) all significantly higher today. There may be some bounce from contracts awarded in Angola today as well, which should expand ultra-deepwater offshore drilling significantly.

Now what: Service providers are indirectly dependent on high oil prices to boost business, so the pop on a rally in oil isn't a big surprise. Oil has been all over the place lately, so I would prefer to buy shares of Basic Energy Services when it's reaching lows. In the long term, I think oil will continue to rise, but I'm not seeing today's bounce as a buying opportunity right now.

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This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.