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 Chinese online gaming specialist Perfect World (Nasdaq: PWRD) surged 12% in intraday trading Tuesday on extraordinarily high volume.

So what: At the time of publication, more than 1.5 million shares of Perfect World had already changed hands, versus its average volume of about 474,000 shares. I can't pinpoint any company-specific news fueling the pop, but with rivals like Sina (NYSE: SINA), (Nasdaq: SOHU), and Shanda Interactive (Nasdaq: SNDA) also rallying today, there's definitely something about the Chinese online gaming space that has Mr. Market all excited.

Now what: Even with today's rally, Perfect World remains a reasonable value. While the shares are now up more than 35% in April alone, they still trade at forward P/E of only 9.5. With a pair of potential blockbuster games (The Heaven Sword and Dragon Saber and Laughing in the Wind) slated for 2011, along with the initiation of its massive $100 million buyback program, Perfect World might be too cheap to pass up.

Interested in more info on Perfect World? Add it to your watchlist.