Update

Well, I have to admit I am surprised that traders are letting Trichet get away with not answering the quantitative easing questions. It just seems that he is more concerned about the confidence Europe's people have in what he says, then being transparent in how they plan on fixing the economy...so he stays vague (hawkish) and the markets like that so far.

As for me...I will hold my shorts and make this an intermediate play, because I think this is a short term in the Euro/US...

I also just took a very large position in the Dollar/Yen, because traders are showing a serious base here (based on bids versus offers at this price.)