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Investors should be refocusing sector allocations ahead of the expected reduction in Federal Reserve asset purchases, Joe Terranova of Virtus Investment Partners said Tuesday.
"I, myself, believe that this is the time you want to begin the rotation," he said on CNBC's "Fast Money "
(Read more: Pros brace for Fed 'taper' volatility)
"Go back to the financial names. Go back to the industrial names, " Terranova added. "Move out of the materials. Move out of EM because I think after we get tapering tomorrow that's going to be the positive effect."
The Federal Open Market Committee, which convenes this week, is widely expected to reduce the amount of its $85 billion per month of asset purchases. The big question is by how much.
Ritholtz Wealth Management CEO and co-founder Josh Brown noted that the technology and industrials sectors were up.
"This is a pro-cyclical thing that's happening right now," he said.
"I wouldn't be surprised if the market says, 'Hey, wait a minute. The narrative is changing. There's a tailwind behind the global economy. Let's treat it as a buy-the-news event."
Trader disclosure: On Sept. 17, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Joe Terranova is long VRTS; Joe Terranova is long MS; Joe Terranova is long GS; Joe Terranova is long OXY; Joe Terranova is long HOS; Joe Terranova is long HAL; Joe Terranova is long APC; Joe Terranova is long LTD; Joe Terranova is long SBUX; Joe Terranova is short XBI; Josh Brown is long AAPL; Simon Baker is long AAPL ; Simon Baker is long BAC; Simon Baker is long C; Simon Baker is long GS; Simon Baker is long JPM; Simon Baker is long WFC; Simon Baker is long SBX; Simon Baker is long FB; Simon Baker is long AMZN; Simon Baker is long EEM; Simon Baker is long GM; Simon Baker is long P; As of 9/12 Jon Najarian is long AAPL; Jon Najarian is long FB; Jon Najarian is long MSFT; Jon Najarian is long LULU; Jon Najarian is long GRPN; Jon Najarian is long P; Jon Najarian is long ORLY; Jon Najarian is long SYK; Jon Najarian is long MGM; Jon Najarian is long WYNN; Jon Najarian is long MAR; Jon Najarian is long CERN; Jon Najarian is long COP; Jon Najarian is long FIO; Jon Najarian is long GPS.