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Web Extra: Burned By Rackspace

A long position in Rackspace looked like a hot trade but all it did was burn.

Kelly made the fateful call on September 28th. (We know that's only a little over a week ago, but our show is called Fast Money for a reason.)

"I'm a happy holder of Rackspace," he said at the time "because I think that the iPhone changes the paradigm."

Well maybe he's not such a happy holder - shares are down 13% since he suggested a long position.

So what does Kelly have to say about this trade now? Find out in this web extra. Watch the video now!

This content is only available online - you won't find these trades on TV.











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Trader disclosure: On Oct. 6, 2010, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s Fast Money were owned by the Fast Money traders; Guy Adami owns (AGU), (INTC), (BTU), (NUE), (C), (GS) and (MSFT); Tim Seymour is long (AA), (AAPL), (BBY) and (MON); Karen Finerman's firm is short (MDY); Karen Finerman's firm is short (SPY); Karen Finerman's firm is short (IWM); Karen Finerman's firm is short (IJR); Karen Finerman's firm is long Russell 2000 Puts; Karen Finerman's firm is long S&P 500 Puts; Pete Najarian is long (AKAM) calls; Pete Najarian is long (DD) stock; Pete Najarian is long (WFC) put spread; Pete Najarian is long (BP) call spread; Pete Najarian is long (GDXJ) stock; Pete Najarian is long (ABX) call spread; Jared Levy is long (SPX); Jared Levy is short (GLD); Steve Cortes is short (XLF); Steve Cortes is short (BAC); Steve Cortes is short Mex. Peso; Steve Cortes is short Euro; Steve Cortes is short (BIDU); Steve Cortes is short corn; Steve Cortes is long German bonds

For Patty Edwards
Patty Edwards owns (AA) for clients
Patty Edwards owns for (AAPL) clients
Patty Edwards owns (AZO) for clients
Patty Edwards owns (COST) for clients
Patty Edwards owns (FFIV) for clients
Patty Edwards owns (GE) for clients
Patty Edwards owns (HPQ) for clients

For Brian Kelly
Accounts managed by Kanundrum Capital own (GLD)
Accounts managed by Kanundrum Capital own (GDXJ)
Accounts managed by Kanundrum Capital own (GS)
Accounts managed by Kanundrum Capital own (TIP)
Accounts managed by Kanundrum Capital own (JPM)
Accounts managed by Kanundrum Capital own (STD)
Accounts managed by Kanundrum Capital own (BMO)
Accounts managed by Kanundrum Capital own (NBG)
Accounts managed by Kanundrum Capital own (COL)
Accounts managed by Kanundrum Capital own U.S. Dollar
Accounts managed by Kanundrum Capital are short Mexican Peso
Accounts managed by Kanundrum Capital are short British Pound

For Gene Muster
Piper Jaffray is a market maker in (AAPL)
Piper Jaffray is a market maker in (GOOG)

For Colin McGranahan
Colin McGranahan is long (KSS), (AMZN), (ROST), (SWY) and (GPS).
Sanford Bernstein is a market maker in (BBBY)
Sanford Bernstein is a market maker in (SPLS)
Sanford Bernstein is a market maker in (SBUX)
Sanford Bernstein is a market maker in (COST)
Sanford Berstein or an affiliate intends to receive/seek compensation from (AAP) in next 3 months
Sanford Berstein or an affiliate intends to receive/seek compensation from (AZO) in next 3 months
Sanford Berstein or an affiliate intends to receive/seek compensation from (BBBY) in next 3 months
Sanford Berstein or an affiliate intends to receive/seek compensation from (BBY) in next 3 months
Sanford Berstein or an affiliate intends to receive/seek compensation from (YUM) in next 3 months
Sanford Berstein or an affiliate intends to receive/seek compensation from (WMT) in next 3 months
Sanford Berstein or an affiliate intends to receive/seek compensation from (COST) in next 3 months
Sanford Berstein or an affiliate intends to receive/seek compensation from (DG) in next 3 months
Sanford Berstein or an affiliate intends to receive/seek compensation from (TGT) in next 3 months

For Brian Marshall Gleacher
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For Joseph Gagnon
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