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 oil and natural gas producer TransAtlantic Petroleum (AMEX: TAT) jumped as much as 10.4% today on brisk volume.

So what: Oil stocks, including TransAtlantic, fell hard on Monday due to a variety of world events and a capsized Russian drilling rig over the weekend. The bounces today are largely in proportion to yesterday's drops; SandRidge Energy (NYSE: SD), for example, is up 7% after falling 7.4% on Monday. TransAtlantic is making up for an 8.4% drop.

Now what: This is a small-cap oil operator with a volatile stock. You can often look at TransAtlantic and similar rivals such as Hyperdynamics (NYSE: HDY) or Miller Energy Resources (NYSE: MILL) to get an amplified picture of current market sentiment for the petroleum industry. The company is looking for oil in some risky places, but the payoff can be huge.

Interested in more info about TransAtlantic Petroleum? Click here to add it to My Watchlist.

Fool contributor Anders Bylund holds no position in any of the companies mentioned. We Fools may not all hold the same opinion, but we all believe that considering a diverse range of insights makes us better investors. Check out Anders' holdings and bio, or follow him on Twitter and Google+. We have a disclosure policy.