Use the million dollars to hire people to open your own exchange. Seems to be plenty of opportunity to compete. Making .2% per transaction, you'll have a million dollars worth of bitcoins by the end of 2014.

Actually using the money for a bitcoin related start-up seems a better way to score some coin (as well as not piss off your dad), while scaling up and learning along the way, as opposed to trying to time the market real quick.