Trader Mark submits:
Monday morning I cut 60% of our Rackspace Hosting (RAX) position as the stock was not participating in a rally led by small and mid caps. Today, with the stock still acting as if it’s in a bear market, I am cutting almost all the rest.
Indeed, if I had more long exposure to balance against it, I would be flipping this into a short position. If one of my other short positions stops out, I will probably replace it with RAX as the stock does not want to rally despite massive tail winds from the market. (Click to enlarge)