AMERICAS OIL: US Oil and Gas Rigs Up 5 on Week at 549: Baker Hughes

Due to the ongoing, weekly Jobless Claims, Non-Farm Productivity / Unit Labor Costs and Wholesale Inventories / Sales has been suspended. Myriad Fed speakers on tap:

• US Data/Speaker Calendar (prior, estimate)
• 11/06 0730 Challenger Job Cuts (-25.8%, --)
• 11/06 0830 Revelio Public Labor Statistics
• 11/06 0830 Chicago Fed Labor Market Indicators
• 11/06 1100 NY Fed Williams lecture at Goethe Univ. Frankfurt (text, Q&A)
• 11/06 1100 Fed Gov Barr moderated discussion community development
• 11/06 1130 US Tsy $110B 4W, $95B 8W bill auctions
• 11/06 1200 Cleveland Fed Hammack Economic Club of NY (text, Q&A)
• 11/06 1530 Fed Gov Waller CB & Payments panel (no text, Q&A)
• 11/06 1630 Philly Fed Paulson Consumer Finance Inst (text, no Q&A)
• 11/06 1730 StL Fed Musalem fireside chat on policy (no text, Q&A)
• Source: Bloomberg Finance L.P. / MNI

• RES 4: 1.1728 High Oct 17
• RES 3: 1.1669 High Oct 28 and key resistance 
• RES 2: 1.1577/1618 Low Oct 22 / 20-day EMA
• RES 1: 1.1542 Low Oct 9 
• PRICE: 1.1480 @ 15:56 GMT Nov 5
• SUP 1: 1.1460 1.382 proj of the Oct 17 - 22 - 28 price swing
• SUP 2: 1.1425 1.500 proj of the Oct 17 - 22 - 28 price swing
• SUP 3: 1.1392 Low Aug 1 and bear trigger 
• SUP 4: 1.1313 Low May 30

A bear leg in EURUSD remains intact and Wednesday’s extension reinforces current conditions. The move down maintains the bearish price sequence of lower lows and lower highs. Furthermore, the pair has breached a number of important short-term supports, the most recent being 1.1516, the 76.4% retracement of the Aug 1 - Sep 17 bull leg. This exposes key support at 1.1392, the Aug 1 low. Initial resistance is 1.1542, the Oct 9 low.             

Wednesday's Europe rates/bond options flow included:

• RXZ5 130.00/130.50cs, bought for 10 in 4.2k
• RXZ5 129/128.5/128p ladder vs 131c, bought the ladder for 5 in 3k
• RXG6 128.50/127.50ps vs 131.00/132.00cs, bought the ps for 2 in 1.5k
• ERH6 98.06/98.18/98.31c fly, bought for 1.5 in 10k
• ERH6 98.06/98.18cs, bought for 2.5 in 10k
• ERH6 98.1875 call, sold for 2 in 8k
• ERU6 98.50c, bought for 3.25 in 17.5k total
• SFIZ5 96.30/96.15/96.05 broken put fly paper paid 6 on 8K
• SFIG6 96.55/96.65/96.75 call fly paper paid 1.5 on 7.5K
• SFIH6 96.45/96.55/96.65/96.75c condor vs 96.25p, bought the condor for 0.25 in 2k
• SFIJ6 96.25/96.15 put spread 6K given at 1
• 0NU6 96.80/97.10cs vs 0NU6 96.30/96.00ps, bought the cs for -0.25 and flat in 7.5k