Apparently it moves through either air or water. Is it water?
No, wait... forget the above... The little stand looks more like a permanent display stand, not a way to store a tool that you drag through water for some reason. Therefore I guess it's a useful thing that's merely in the shape of a miniature torpedo, bomb, rocket or whatnot. I don't see any dials on torpedos, using Google images.
Given the little dials, maybe it's a desk gadget that tells the temperature & humidity?
But what about the tip? Looks like a protector cap on it.
My final answer: Is it a pen, and the little dials are just decoration? (But if a pen, what's with the little eye on the top? Maybe you stick the cap on the other end when you want to write?)