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Joe Terranova's Top 3 Trades

Now is the time to put some trades on and be in the marketplace, trader Joe Terranova said Thursday. Following are his top trades:

Caterpillar : During the company's earnings conference call last week, CEO Douglas Olberhelman said its global story remains intact. Its mining equipment business, in particular, is doing well. Terranova is bullish on the farming and mining equipment maker, as well as the mining business in general.

Joy Global : On word Caterpillar's mining segment is flourishing, Terranova is looking at mining equipment maker Joy Global. Being as it's a $9 billion company, he thinks it's a possible takeover target.

McDermott International : Terranova is bullish on this Houston, Texas-based oil and gas company. The company pre-announced "lousy" earnings results last week, but its stock has absorbed the bad news. Investors should go long against the $10.48 level, but Terranova thinks it could go to $14 a share.

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Trader disclosures for Nov. 3, 2011: TIM SEYMOUR: Seymour is long AAPL; Seymour is long BAC; Seymour is long INTC. ANTHONY SCARAMUCCI: Scaramucci is long AAPL; Scaramucci is long GOOG; Scaramucci is long WFC; Scaramucci is long GS. KAREN FINERMAN: Finerman owns SPY. JOE TERRANOVA: Terranova is long CAT; Terranova is long CVI; Terranova is long VRTS; Terranova is long APC; Terranova is long F; Terranova is long EMC; Terranova is long AAPL; Terranova is long IBM; Terranova is long JOYG; Terranova is long LULU. STEVE WEISS: Weiss owns EURO; Weiss owns RIG; Weiss owns QCOM; Weiss owns COP; Weiss owns POT; Weiss owns MOS; Weiss owns CSX; Weiss owns KO; Weiss owns VZ; Weiss owns AKAM; Weiss owns BRCM; Weiss owns RIMM; Weiss owns HPQ.

Finerman’s firm owns MDY
Finerman’s firm owns SPY with wires