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 India-based Internet service vendor Sify Technologies (Nasdaq: SIFY) soared last week but are coming back to earth today: the stock got as much as 15% cheaper today amid heavy trading.

So what: Once again, Sify has no news to drive the trading action. Fellow India-focused online services provider (Nasdaq: REDF) is also flagging today for no particular reason.

Now what: Sify does report earnings in the early morning hours tomorrow, so you're watching the market adjusting ahead of that event. Given that the stock has more than tripled year-to-date and that a staggering 20% of its float was sold short at the latest reckoning, some caution is probably prudent. Call it a shakeout of nervous traders or sated investors taking some profits, but the result is the same: Sify is sinking today, and whether the company meets or misses estimates in tomorrow's report, the ensuing market action should be explosive.

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