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.

It's seriously beginning to look like nothing can derail a market rally that has pundits beginning to talk about the potential for the broad-based S&P 500 to reach 2,000 by next year.

Friday was marked by mixed economic data, including an industrial production figure that fell by 0.1% in October against estimates that called for a 0.1% expansion. The drop could certainly be a direct result of the government shutdown during the first 16 days of October, but it's still a bit confusing considering that manufacturing figures around the country have been coming in considerably stronger than expected.

When all was said and done we still had another all-time closing high for the S&P 500, 1,798,  thanks to stronger-than-expected earnings reports and the overall "trend is your friend" mentality among traders.

The clear standout today throughout the market was small-cap biotechnology company Cadence Pharmaceuticals (UNKNOWN:CADX.DL)which rallied 34% after announcing that it had received a favorable ruling in its litigation against Exela Pharma Sciences. The lawsuit claimed that Exela infringed on select patents associated with Cadence's Ofirmev, an injectable acetaminophen-based treatment for mild-to-moderate pain. The ruling judge noted that Exela's abbreviated new drug application would infringe on the two patents in question and rejected Exela's claim that those patents were invalid. This ruling clears the path for Cadence to continue to market Ofirmev without any fear of generic competition (at least anytime soon).

Shares of fabless semiconductor company Mellanox Technologies (NASDAQ:MLNX), which provides interconnect products for computing and storage applications, rallied 14% after it was noted that one of its directors, Dov Baharav, purchased 57,739 shares of common stock for a total equaling approximately $2 million. This is meaningful as directors often have inside knowledge of the performance and outlook of a company's underlying business. Therefore, if a director is placing a $2 million bet using his or her own money on a company, investors tend to pay attention. I'd still exercise caution as Mellanox's bottom-line growth has been a bit erratic of late.

Finally, Tile Shop Holdings (NASDAQ:TTS) stock rebounded by 12% after being demolished yesterday. The impetus for yesterday's drop was a Gotham City Research report that claimed Tile Shop had overstated its earnings by as much as 200%. As the Fool's Bryan White noted yesterday, Tile Shop's margins have been significantly above its industry peers, which could mean that it's also using cheaper and potentially less reliable components. Even more interesting, today's move higher comes as Citigroup downgraded the company to neutral from buy. Like Bryan, I would suggest keeping your distance until this mess is cleared up.