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.

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