Rackspace (RAX) is up 57 cents to $16.08 and options volume is 4.5X the average daily, driven by an apparent seller of 7,000 Jul 12.5 puts on the 15-cent bid. There is no existing open interest in the contract. Meanwhile, implied volatility in the San Antonio based Internet software company is down about 4.5 percent to 58.5 and shares are up 6.1 percent after testing a recent support level at $15.15 yesterday. By selling the July 12.5 puts, this strategist is looking for RAX to hold its ground, but is also making a statement that they are willing buyers of the stock at $12.5 through the July expiration.