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 entertainer (Nasdaq: NTES) don't look too entertaining today, having slid as much as 10.1% in brisk intraday trading.

So what: The entire stable of China-centric online gaming and entertainment stocks are suffering today, following a harsh research note on (Nasdaq: YOKU) by Pacific Crest. SINA and lost as much as 9.6%, while industry titan Baidu sunk by 7.4%.

Now what: It's a head-scratcher, because this sector was never terribly expensive to begin with. NetEase currently trades for about 12 times forward earnings with a very reasonable PEG ratio, and it didn't deserve a valuation-based beatdown today. If you've been waiting for a chance to take a position on NetEase, either in real money or as a thumbs-up CAPS call, this could be the perfect opportunity.

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