Virtus' Terranova dumps these two tech stocks, says he doesn't trust the recent high-beta rally

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Why Joe Terranova doesn't trust the recent high-beta stock rally

Joe Terranova doesn't trust the recent rally in a slew of high-beta stocks. As a result, the senior managing director at Virtus Investment Partners dumped shares of Microsoft and Tesla in the quarterly rebalance of the Virtus Terranova U.S. Quality Momentum ETF , he told CNBC's " Closing Bell: Overtime " Tuesday. "Momentum is not present in the market right now, so you're relying more on quality," he said.

mountain Tesla shares surged nearly 41% in January Stocks have just wrapped a blowout month after the worst year for stocks since 2008 . The S & P 500 surged 6.2% to notch its best January since 2019 due in part to a rally in high-beta names, like 2022's battered tech darlings. Some of January's best performers included companies that suffered the sharpest declines in 2022. Tesla shares, for example surged nearly 41% this month. Last week was the EV giant's best since May 2013 .

 

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