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Is Health Care Immune To 2011 Ills?

Amid so much uncertainty about the prospects for next year's economy, could health care be one sector that’s immune to any talk of double-dip?

For insights we turned to Ken Shubin Stein, M.D. of Spencer Capital Management.

Dr. Shubin Stein tells the desk that in this space he thinks diagnostics are the place to put money to work.

”I think this is going to be the decade of diagnostics, he says in a live interview on CNBC's Fast Money. “Diagnostics are about 3% of the health care budget but they drive 75% of spending... they’re crucial to the system and they’re good for the system. They save everybody money and they're good for patients."

As a result Shubin Stein suggests putting the following on your radar:

Quest Diagnostics
Lab Corp of America

Quest is a little cheaper on a valuation basis and Lab Corp is a little more attractive on a profitability basis. “But I think both will do very well,” he says.

On a related note, Dr. Shubin Stein likes Myriad Genetics which owns the gene tests for breast and ovarian cancers. "Only half the women that should get the tests actually are getting the tests," he says. "There's huge growth here as we educate and get more people tested."

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Trader disclosure: On December 30, 2010, following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Cortes is short Gold; Cortes is short Nat Gas; Cortes is short Corn; Cortes is short (LVS); Cortes is short (BCS); Cortes is short (XHB) vs. S&P; Cortes is short (XRT) vs. S&P; Cortes owns (TSN); Cortes owns (EXC); Jon Najarian owns (AAPL), is short (AAPL) calls; Jon Najarian owns (APC), is short (APC) calls; Jon Najarian owns (BBT), is short (BBT) calls; Jon Najarian owns (BBY), is short (BBY) calls; Jon Najarian owns (CSCO), is short (CSCO) calls; Jon Najarian owns (GS), is short (GS) calls; Jon Najarian owns (GM), is short (GM) calls; Jon Najarian owns (IBM), is short (IBM) calls; Jon Najarian owns (MBI), is short (MBI) calls; Jon Najarian owns (NKE), is short (NKE) calls; Jon Najarian owns (MOS), is short (REE) calls; Jon Najarian owns (MCP), is short (MCP) calls; Jon Najarian owns (REE), is short (REE) calls; Jon Najarian owns (AMR), is short (AMR) calls

BRIAN KELLY
Accounts Managed by Kanundrum Capital Own (BBT)
Accounts Managed by Kanundrum Capital Own (FCX)
Accounts Managed by Kanundrum Capital Own (GDXJ)
Accounts Managed by Kanundrum Capital Own (GLD)
Accounts Managed by Kanundrum Capital Own (JPM)
Accounts Managed by Kanundrum Capital Own (MCP)
Accounts Managed by Kanundrum Capital Own (SLV)
Accounts Managed by Kanundrum Capital Own (TBT)
Accounts Managed by Kanundrum Capital Own (WFC)
Accounts Managed by Kanundrum Capital Own (LYC.AU)
Accounts Managed by Kanundrum Capital Own USD
Accounts Managed by Kanundrum Capital Are Short The Euro

PATTY EDWARDS
Edwards owns (AAPL) for clients
Edwards owns (AMZN) for clients
Edwards owns (C) for clients
Edwards owns (F) for clients
Edwards owns (GE) for clients
Edwards owns (GS) for clients
Edwards owns (GLD) for clients
Edwards owns (MSFT) for clients
Edwards owns (NKE) for clients
Edwrads owns (SLV) for clients
Edwards owns (TGT) for clients

TODD GORDON
Gordon is long U.S. Treasuries

KEN SHUBIN STEIN
Shubin Stein And Spencer Capital Management Own (DGX), (MYGN)
Shubin Stein and Spencer Capital Management have no disclosures on LH

HENRIETTA TREYZ
Henrietta Treyz does not have disclosures

BRIAN STUTLAND
Stutland is short IBM puts

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