Apple Inc. Sitting Out The Rally

Apple Inc.

shares are trading lower by $1.76 at $103.59 in Tuesday' session. Despite the broad market distancing itself from Monday's low, Apple has not been able to accomplish the same. Rumors of cuts in iPhone production by as much as 30 percent are weighing on the issue. After peaking off the open at $105.85, the issue began to move lower. So far, it has found support above Monday's low ($102) at $102.41 and rebounded back in the $103 handle. It should be noted that the lows from the last two sessions represent the two lowest intraday lows in the issue since it bottomed during the Flash Crash at $92.