Here's what investor Joe Terranova is selling before year-end
Joe Terranova said that he sold out of his position in gold following a dramatic overnight reversal in precious metals.
TL;DR
- Joe Terranova is selling his position in the SPDR Gold Trust (GLD).
- The decision to sell GLD was prompted by a dramatic overnight reversal in precious metals.
- Terranova is also exiting his position in oil refiner Phillips 66.
- He anticipates that opportunities in the energy sector will shift from refiners to large exploration and production companies.
- Terranova has sold his position in Spotify, as the trade has not been successful.
- Spotify's stock has been in a downtrend since the end of June.