As 2025 winds down, investor Joe Terranova is selling out of some of his positions and readjusting for the new year. Terranova, chief market strategist for Virtus Investment Partners, joined CNBC’s ” Halftime Report ” on Monday to share that he sold out of his position in the SPDR Gold Trust (GLD) , a gold exchange-traded fund. Terranova pointed to the dramatic overnight reversal in precious metals as one reason. “You cannot ignore the type of price reversal that we saw last night and sit there and do nothing. So you have to, at that moment, reduce your risk. That’s, in fact, what I did with the GLD,” Terranova said. “I rang the register on what is a small winning trade … then as you move forward, you look for an opportunity to reestablish a position.” Gold has been on fire this year, pushing GLD up more than 64%. That far outpaces the S & P 500’s 17%. GLD YTD mountain GLD YTD The strategist also disclosed he is exiting his position in oil refiner Phillips 66 , a stake he said he took in the middle of July. As the new year approaches, Terranova believes that the opportunities in the energy sector may move away from refiners and more towards the large exploration and production companies such as Exxon Mobil and Diamondback Energy . Phillips 66 is up more than 12% year to date. It’s also risen 7.4% over the past six months, outperforming the S & P 500’s 3.6% advance in that time. Finally, Terranova also sold his position in Spotify , a trade that he said has simply not worked. “Spotify is in a downtrend since the end of June, just like Netflix is,” he said. “As it relates to Spotify, I just timed myself out. I entered the position one month ago, it didn’t go anywhere and you move to the sidelines.” The streaming service’s stock has fallen more than 24% over the past six months.
