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: Small-cap oil and gas explorer TransGlobe Energy (Nasdaq: TGA) saw its shares 10% in intraday trading Monday as tensions settled a bit over Egypt.

So what: Mr. Market has been awfully hard on the Egypt-focused explorer over the past month, so it's no surprise that the shares are bouncing today on relief that at least some economic activity has returned to the region. At the time of publication, more than 800,000 shares of TransGlobe have already exchanged hands -- nearly double its average volume of about 430,000 shares.

Now what: TransGlobe remains too risky for most investors to take a chance on. Management recently reassured investors that the unrest in Egypt hasn't affected its key West Gharib production, but with the stock up about 290% over the past year, I'm nervous that too much optimism is still baked into the shares. While today's double-digit bounce was nice, TransGlobe's downside going forward just seems too big to ignore.

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Fool contributor Brian Pacampara owns no position in any of the companies mentioned. Try any of our Foolish newsletter services free for 30 days.

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