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: Once again, on no significant company-specific news, shares of Zendesk Inc (NYSE:ZEN) jumped nearly 15% during Wednesday's intraday trading before settling to close up around 8%.

So what: Having held its IPO only two weeks ago, the cloud-based customer service software provider is still prone to significant volatility. This in mind, investors could be building positions in anticipation of the June 8 expiration of ZenDesk's SEC-mandated 25-day "quiet period," after which its underwriters will be free to release their respective research reports on the company.

Now what: In a similar case two months ago, you might recall Varonis Systems' quiet period expiration resulted in a quick 20% pop after five analysts simultaneously assumed largely positive coverage on the stock. Of course, even after that pop, Varonis shares still traded more than 20% below their post-IPO high set a few weeks earlier. As it stands, Zendesk stock has doubled from its IPO price at $9 per share, and is up nearly 30% from its first-day close. But that also doesn't mean Zendesk's underwriters won't try to propel the price even higher.

In the end, though, as a long-term investor, I'm not particularly anxious to try taking advantage of possible short-term swings with little correlation to Zendesk's actual business. For now, that's why I'm sticking to my previous stance of patiently watching Zendesk from the sidelines.