After the vote to repeal and replace Obamacare was stopped in its tracks Friday, the "Fast Money" traders discussed how to play the market.

Trader David Seaburg said he likes the SPDR S&P Biotech ETF. He said he is betting on mergers and acquisitions to pick up in the small and mid-cap space and drug pricing issues will fall by the wayside.

Trader Mike Khouw said he likes United Health Group after the company doubled its revenue and earning per share since 2010 and has performed well under Obamacare.

Trader Steve Grasso said he likes "HMOs for the long haul" and said the area will benefit from tax reform.

Trader Dan Nathan said he prefers big-cap pharmaceutical and biotechnology names in the Health Care Select Sector SPDR Fund and the iShares Nasdaq Biotechnology ETF.

Trader Guy Adami said he likes the iShares 20+ Yr Treasury Bond ETF because the healthcare reform struggle may have put a "handicap" on tax reform and if that fails a chain of events will lead the stock to rally.

Disclosures:

Steven Grasso's firm is long AON, BX, CUBA, DIA, EXAR, HES, ICE, KDUS, MAT, MFIN, MJNA, MSFT, NE, PYPL, RIG, SNAP, SPY, SQBG, TITXF, WDR, WPX, ZNGA. Steven Grasso is long CHK, EEM, EVGN, GDX, KBH, MJNA, MON, MU, OLN, PFE, PHM, T, TWTR, VRX. Grasso's children own: EFA, EFG, EWJ, IJR, SPY. NO SHORTS.

"Opinions expressed by David Seaburg are solely his own and do not reflect the views and opinions of Cowen Group, Inc. David Seaburg and Cowen have a financial interest in EDIT.
Diamond Offshore: an employee of Cowen and Company, LLC serves on the Board of Directors of Diamond Offshore"

Mike Khouw has no disclosures.

Dan Nathan is long SPY May put spread, XLV long APR-June put spread, XLI long June put spread.

Guy Adami is long CELG, EXAS, GDX, INTC, Guy Adami's wife, Linda Snow, works at Merck.