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Obamacare Decision - Unexpected Upside Here: Steve Grasso

In the wake of the Supreme Court decision to uphold Obamacare the Fast Money traders had a slew of trading ideas.

(For more details on the decision, click here to go to "Obamacare Moves Forward: So What Happens Now?")

Following you’ll find insights from trader Steve Grasso, director of institutional sales trading at Stuart Frankel.

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Click below for insights from other Fast Money traders:
> Stephen Weiss, managing partner at Short Hills Capital> Stephanie Link, director of research at TheStreet> Josh Brown, author of The Reformed Broker blog

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Grasso thinks the sell-off in the medical device makers may present an opportunity. “The tax is already in the 2013 numbers,” he says.

However, he’s particularly bullish due to something he says most people don’t know. “The House passed a bill that removes the tax.” (Click here to go to “House Votes To Kill Obama's Medical Device Tax.”)
“It’s unclear whether the repeal will get through the Senate, but if it does it’s a boon,” says Grasso and therefore worth a flier.

Grasso’s trade is long Medtronics but with a $36.50 stop.

What do you think? We want to know!

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Posted by CNBC's Lee Brodie

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Trader disclosure: On June 28, 2012, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Steve Grasso is long ASTM; Steve Grasso is long BA; Steve Grasso is long D; Steve Grasso is long FRO; Steve Grasso is long LNG; Steve Grasso is long MHY; Steve Grasso is long MO; Steve Grasso is long PFE; Steve Grasso is long S; Steve Grasso is long VLO; Steve Grasso is long XLU; Steve Grasso is long ZAZA; Stephanie Link is long AAPL; Stephanie Link is long JPM; Steve Weiss is long QCOM; Steve Weiss is long VZ; Steve Weiss is long T; Steve Weiss is long VOD; Steve Weiss is long ANF; Steve Weiss is long HK; Steve Weiss is long TOT; Steve Weiss is short JCP; Steve Weiss is short X; Steve Weiss is short JEC; Josh Brown is long WMT; Josh Brown is long JPM; Josh Brown is long XBI

For Kris Jenner
Kris Jenner is long UNH
Kris Jenner is long AGP
Kris Jenner is long ALXN


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