Take Profits in WellPoint, HMO Stocks: Pro Traders

On Thursday, pro trader Stephen Weiss revealed he pared his position in one of his favorite stocks, WellPoint, despite a growing belief that the Supreme Court may strike down Obamacare.

“I took off part of my position. I’m left with just over half of my position,” he says.

That may seem counterintuitive given the latest commentary out of Washington DC. Published reports suggest the 5 conservative Supreme Court justices will challenge the healthcare law and its individual mandate, which requires most Americans to carry health insurance beginning in 2014 .

Now, you may be thinking that kind of development is bullish for WellPoint – that is, it increases profitability. If the individual mandate is struck down, “HMOs won’t have to take people with pre-existing conditions and people who can’t get insurance,” explains Steve Grasso. However you feel about the issue,

That's good for the bottom line.

However, Weiss says, that’s already in the stock. In the past 5 days Wellpoint has bounced more than 7%. “It’s already trading like it should be,” he says.

And he adds “you never know how a court decision is going to turn out –and the decision is still 3 months away. It's not a slam dunk by any means.”

* You can find our conversation with Weiss about 1:30 into this video clip.

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Trader disclosure: On Mar 29, 2012, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders; Brian Kelly is long XLF; Brian Kelly is long SPY; Brian Kelly is short YEN; Brian Kelly is short EUROSTOXX; Steve Cortes is long GOOG; Steve Cortes is short CAT; Steve Cortes is short LVS; Steve Cortes is short AAPL; Steve Cortes is short XLI; Steve Cortes is short EUR VS. JPY; Steve Cortes is short DIS; Steve Grasso is long ASTM; Steve Grasso is long AVAV; Steve Grasso is long BA; Steve Grasso is long D; Steve Grasso is long FRO; Steve Grasso is long MHY; Steve Grasso is long NUAN; Steve Grasso is long MO; Steve Grasso is long PFE; Steve Grasso is long PRST; Steve Grasso is long S; Steve Grasso is long XLU; Steve Grasso is long ZAZA

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