Richard Zeits: Have We Seen The "Capitulation" Yet -- October 14, 2014

Over at Seeking Alpha, have we seen the "capitulation" yet?

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Zeits:

• The lack of obvious current imbalance between global oil supply and demand puts in question the thesis that lower oil prices are economically required.
• Having said that, shale oil has grown to become a significant supply factor and its impact on oil price needs to be anticipated.
• The recent rapid decline in crude oil and, particularly, Oil & Gas stock prices appear exaggerated at this point.
• However, forced position liquidations make individual price moves wide and erratic.
• The article provides detailed correction scorecards by stock and by group versus commodities. 

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The Market

EPD raises its dividend, albeit not very much.

Johnson & Johnson beats by 6 cents; revenues in line; raises FY14 guidance.

Domino's Pizza beats by 2 cents; beats on revenues.

JPMorgan misses by 3 cents; beats on revenues.

Wells Fargo hits estimates.

Citigroup tops forecasts; beats by 3 cents.

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Details, Details

The Los Angeles Times is reporting: California to cancel 10,000 ObamaCare policies due to lack of citizenship. The list will grow.

California's health insurance exchange is canceling Obamacare coverage for 10,474 people who failed to prove their citizenship or legal residency in the U.S.

Covered California, the state-run insurance exchange, enrolled more than 1.2 million people during the rollout of the Affordable Care Act this year. For most consumers, the exchange said, it could verify citizenship or immigration status instantly with a federal data hub.

But more than 148,000 enrollees were lacking proof of eligibility and needed to submit documentation. People living in the U.S. illegally aren't eligible for health law coverage.

Covered California began sending notices to affected individuals last month.
The exchange said 130,105 people submitted proof of legal status.

Covered California said it's still reviewing information related to 7,629 people who sent in paperwork.