Close Position

The act of taking the opposite position of the current position thereby getting out of a position in a particular stock or security.

Also referred to as "Closing Transaction."

Investopedia Says:
If a broker recommends that you close your long position on a stock they mean "sell it immediately." For example if you have a short position in a stock for you to close the position you will need to take a long position, or in other words you have to buy back the stock.

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To eliminate an investment from one's portfolio. The simplest example is the outright sale of a security and its delivery to the purchaser in exchange for payment. In commodities futures and options trading, traders commonly close out positions through offsetting transactions. Closing a position terminates involvement with the investment; Hedging though similar, requires further actions. See also Reversing Trade.