This type of action indicates a major price move. New closing high [more than $2.00 higher than previous closing high], and the high volumne indicates possible accumulation by large institutional buyers. In any event, it speaks favoribly to the immediate and medium term pps.
As i said previously, this stock will continue to outperform the overall market. In fact, even with the mess in Europe once again showing it's ugly side TNGO beat estimates, raised guidance, and was up over $3.00 today.
btw, on your strategy to hold and wait, I have some of those kinds of plays, but they aren't small caps. They are the AAPLs and a bunch of biopharmas.
Most people don't know this, but if you pull up a 5 yr AAPL chart, and compare AAPL to ALXN, BIIB, and REGN, you might be surprised, if not amazed. No one talks about these stocks, but they are huge winners.
When a high value stock like TNGO pops, and you know that Europe is in a mess, and you know that May is around the corner, and you know that AAPL, which has been the market leader for a long time, is under pressure, you just have to sell.
It look like 19.20 was a good entry point, if I wanted to play again, but I'm still concerned about all 3 of the above points.
Don't forget that TNGO is selling at a P/S of 4, based on 2012 expected rev, pretty rich numbers.
I don't deny your points with regards to the other stocks, but how do you explain the large upward moves of last week. The downward moves in my opinion are strickly profit taking on short term gains. When the market reverses Tngo wiil continue it's climb, even in the summer!