Joe Terranova Reveals His Portfolio Strategy For 2016

On CNBC's Fast Money Halftime Report, Joe Terranova spoke about his portfolio strategy for 2016. He wants to focus on simple strategies and he is looking for growth.

He started 2016 with a significant amount of cash and he had a long position in Palo Alto Networks Inc(NYSE: PANW). Terranova thinks that Palo Alto Networks is going to $200.

Concho Resources Inc (NYSE: CXO) was his first purchase in 2016. He believes that the stock is going to be a winner in the energy space.

Ruckus Wireless Inc (NYSE: RKUS) is another stock that he added to his portfolio in January. The company is a leader in Wi-Fi and it is getting more market share than HP Inc (NYSE: HPQ) and Oracle Corporation (NYSE: ORCL). It is also entering the education business.

Terranova bought Facebook Inc (NASDAQ: FB) on Wednesday. He likes the stock and he believes that it is going to continue to expand the number of users.

His latest addition to the portfolio is Mohawk Industries, Inc. (NYSE: MHK), which he bought on a pullback. Terranova believes that it is going back above $200.