I might with Mrs Livermore's Wednesday morning bingo winnings but not my money.
Other than Bernanke's raison d'être to destroy the $USD whilst cackling to himself like some mad bugger in the top floor of a misty Balkan castle, I think it still has some upside.
If I did find the Bingo money what would I be looking for? A pullback to around parity short term.
Because whilst the rising wedge is a setup for a big fall it is unlikely whilst Big Ben allows QE2 to run its course to the end of June
Lets look at the daily chart (graphs expand on clicking)....
- So the rising wedge looks set but QE2 has a few months to go.
- Portugal went tits up but no one cared.
- Oil is going up like a raped ape as the Libya fiasco appears to be a West End musical choreographed by me after a bottle of Laphroaig and its 'ho hum' in NY.
- The rain drops around the Japanese islands (and NE China, Taiwan and Koreas) glow in the dark and folks are more concerned with whether Charlie Sheen snorts a line and then swigs or vice versa.
- The Australian house bubble is unwinding and it appears resource juggernaut Western Australia is in technical recession and yet the AUD adds 3c (WTF!!).
Top pickers are generally primates chasing a cheap feed whilst grooming and bottom pickers tend, at best, to be Rugby League players with smelly fingers.
The next few months will be interesting as the world turns to shit and the only thing holding equity, commodity and risk currency markets in the stratosphere is Bernanke's bubble blowing.
Will there be a QE3? I reckon so. As soon as Bernanke takes the punchbowl away everyone at the party will turn nasty.
He'll try and bring out a new batch (QE3) but when they are 'glassing' each other will it be too late?