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Top trader Terranova on how to play $50 oil now

Joe Terranova, the co-leader in this year's Halftime Report portfolio competition and a former veteran of the Nymex oil pits, cautioned investors excited by this monster comeback in crude not to keep betting prices will go straight up from here.

But there's still a way to make money, Terranova revealed in an exclusive video for CNBC PRO subscribers.

Since closing at a 13-year low on Feb. 11, oil rallied more than 85 percent, piercing through the $50 mark this week for the first time since July.

Watch the video below to find out Terranova's investment strategy.