Reid's Health Care Reform, No Go With Snowe

In a setback for progressives, Maine Sen. Olympia Snowe said she would vote with fellow Republicans to block the Democratic health care overhaul if changes are not made to the version Majority Leader Harry Reid outlined this week.

On Monday Reid announced a version of health care reform that included a government-run "public option" to compete with private health insurance plans. Under Reid’s plan, states could opt out of the government insurance, but Snowe said Tuesday that's not good enough.

Snowe is currently the only Republican in Congress who has voted for any of the early Democratic versions in either the Senate or House.

Meanwhile, Sen. Joe Lieberman said Tuesday that unless the bill changes substantially, he too would vote with Senate Republicans against a motion to allow a vote on final passage of the bill.

The Democrats will need 60 votes to get the bill past a threatened Republican filibuster, so both votes are likely crucial.

What’s must you know to trade this space?

Health care reform is a story that’s been twisting and turning, says Karen Finerman. And although some insurance stocks such as UnitedHealth and Aetna spiked higher as if health care reform may be dead, I wouldn’t trade it that way. More twists are likely coming.


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Trader disclosure: On Oct. 23th, 2009, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Najarian Owns (BX); Najarian Owns (GE) Calls; Najarian Owns (LAZ) & (LAZ) Puts; Najarian Owns (MYL) Call Spread; Najarian Owns (RIMM) Call Spread; Najarian Owns (WFT) Call Spread; Najarian Owns (YHOO) & Short (YHOO) Calls; Najarian Owns (STX) Calls; Najarian Owns (CLF) & Short (CLF) Calls; Finerman Owns (RIG), (TGT), (WMT), (WFC), (PDE); Finerman's Firm Owns (BAC) Preferred; Finerman Owns (BAC) Preferred; Finerman's Firm Owns (WFC), (FLS), (MSFT), (PBR), (PDE), (RIG), (PLCE), (TJX); Finerman's Firm Is Short (IJR), (MDY), (SPY), (IWM), (USO), (UNG); Terranova Owns (HES), (JPM), (IBM); Seymour Owns (AAPL), (BAC), (EEM), (FXI), (SBUX)

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