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 online jewelry store Blue Nile (Nasdaq: NILE) traded more than 10% above Thursday's closing price today on moderately high volume.

So what: There is no obvious explanation for Blue Nile's move today. However, this move picks up a nearly week-long rally that had derailed a bit yesterday on what looked like profit-taking action.

Now what: Rivals in the luxury industry are not joining Blue Nile's surge, so this is neither a sector effect nor a reaction to consumer news. It's easy to point a finger at the ridiculous short position in this stock and scream "Squeeze!" but that condition has been around for ages. The slow rise over the past month or so hardly qualifies as a triggering event for a real short squeeze.

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Fool contributor Anders Bylund doesn't hold a position in any of the companies discussed here. Blue Nile is a longtime Motley Fool Rule Breakers pick. Try any of our Foolish newsletter services free for 30 days. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool is investors writing for investors.