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: China MediaExpress (Nasdaq: CCME) shares are up 12% in intraday trading today.

So what: It looks like the short squeeze is on for China MediaExpress. A big short interest in the stock has been under pressure since the company released earnings earlier this month.

Now what: A sharp rise on a short squeeze can be a pretty short-term phenomenon, so be careful buying this bump. If you're looking to buy the stock long-term, I would wait for some stability in the next few weeks. This stock has been pretty volatile, and the drop in the last week looks like a good spots for shorts to get out, pushing up the stock today.

Interested in more info on China MediaExpress? Add it to your watchlist here by clicking here.

Fool contributor Travis Hoium does not have a position in any company mentioned. You can follow Travis on Twitter at @FlushDrawFool, check out his personal stock holdings or follow his CAPS picks at TMFFlushDraw.

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