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Is America Losing Interest In Healthcare Reform?

With UnitedHealth due to report earnings on Tuesday, Wall Street is taking close notice of late developments in the area of healthcare reform.

A Washington Post-ABC News survey released Monday shows approval of Obama's handling of health care reform slipping below 50 percent for the first time. (The poll had a margin of sampling error of plus or minus 3 percentage points.)

That’s a major development and one that may already be manifesting itself as it galvanizes opponents of the White House initiative.

Obama's Pain, Insurers Gain?

In comments made on Monday the president said he wanted Congress to pass legislation by the end of the year, a shift from his repeated timetable. Obama had said previously that he wanted the House and Senate to vote on legislation before lawmakers leave town for their August recess, with a comprehensive bill for him to sign in October.

Obama spoke after RNC Chairman Michael Steele called the president's push for health care overhaul "socialism," and accused him of conducting a risky experiment that will hurt the economy and force millions to drop their current coverage.

Meanwhile, back on Wall Street investors were closely watching UnitedHealth, the first large health insurer to report quarterly earnings. According to Thomson Reuters on average analysts expect UNH to report earnings of 70 cents per share on $21.7 billion in revenue.

Considering WellPoint and Aetna report earnings July 29 while Cigna follows on July 30 how should you trade?

I think the only play is generic drugs, counsels Pete Najarian. The should win no matter what happens with healthcare reform. In the space, I like Teva.

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Trader disclosure: On July 20th, 2009, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Terranova Owns (RIMM), (TER), (MSFT), (SUN), (FTO); Seymour Owns (APPL), (BAC), (DRYS), (EEM), (FCX), (FXI), (INDY), (SBUX), (NOK); Grasoo Owns (V), (WMT), (XLF), (BAC), (CSCO); Grasso's Clients Owns (GS), (V), (WMT), (MA), (UNH); Najarian Owns (FCX) Call Spread; Najarian Owns (INTC) Call Spread; Najarian Owns (JNJ) Call Spread ; Najarian Owns (MS) Call Spread; Najarian Owns (MSFT) Stock & (MSFT) Short Calls; Najarian Owns (PALM) Call Spread; Najarian Owns (V) & (V) Short Calls; Najarian Owns (WNR) Stock & (WNR) Short Calls; Najarian Owns (YHOO) Call Spread