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 homebuilder D.R. Horton (NYSE:DHI) were adding another level today, climbing as much as 11% after reporting a strong quarter.

So what: Riding the bullish wave in the housing sector, the nation's largest homebuilder delivered its strongest Q1 in six quarters. Profits more than doubled to $66.3 million, or $0.20 a share, up from $0.09 a year ago, beating estimates of $0.14. Closing and orders were up 26% and 39%, respectively, while the average sales price increased 15% and Horton's backlog grew 62%. Revenues jumped 39% as well.

Now what: Horton's report was yet more evidence of the housing recovery, and I expect the bullishness to continue, with housing inventory reaching its lowest levels in the past five or six years. Still, shares already have bright expectations baked in, with the P/E based on expected 2013 earnings at 27. Keep an eye on future developments with Horton by adding the stock to your Watchlist here