As Mikkel posted before Collections.rotate is a simple way. I'm using this method for moving items up- and downward in a List.
public static <T> void moveItem(int sourceIndex, int targetIndex, List<T> list) {
if (sourceIndex <= targetIndex) {
Collections.rotate(list.subList(sourceIndex, targetIndex + 1), -1);
} else {
Collections.rotate(list.subList(targetIndex, sourceIndex + 1), 1);
}
}