RAA: US Cash 67%, Int'l FX 15%, Commodities 7%, Bonds 5%, Int'l Equities 3%, US Equities 3%

"I will never quit. I persevere and thrive on adversity. My Nation expects me to be physically harder and mentally stronger than my enemies. If knocked down, I will get back up, every time. I will draw on every remaining ounce of strength to protect my teammates and accomplish our mission. I am never out of the fight."
-US Navy SEALs

That quote was cited by Marcus Luttrell - Team Leader, SDV Team 1, Alfa Platoon - as the central paragraph of the philosophy of the US Navy SEALs. I am Canadian. My son is American. That's the kind of American Leadership we can believe in.

In 2007, Luttrell wrote an eye witness account of his SEAL Team's deadly fight in Afghanistan. It was titled Lone Survivor. The true story remains the most impactful military book I have read this year. It's All American in a way that the US Financial System used to be - powered by pride and accountability.

Today is Veteran's Day. On behalf of everyone on my team, I would like to thank the bravest men and women of America for providing us the opportunity to wake-up and do what we do every day.

Yesterday marked another day of lower-highs for the US stock market. Closing flat on the day at 1093, the SP500 is only -0.4% off of the closing-high established on October 19th, and a full +61.7% higher than where a lot of market strategists called this entire system "out of the fight."

America always finds a way to fight back. This time, we took a page out of FDR's playbook and we fanned the fires of deflation by devaluing our currency. To a point, Breaking the Buck (we called for Obama to do that on February 24th) was something everyone on the American team could tolerate, to protect their teammates.

Then, predictably, some Washington and Wall Street individuals got greedy. Instead of Breaking it, they started Burning it. The Bankers, Debtors, and Politicians got paid. The American Savers and Consumers got the bill.

What does your Nation expect of you? What do you expect of your Nation?

My greatest fear in American finance today is that memories on Wall Street are as short as their last text message. There was a lot of economic sacrifice in this country, by a lot of people. The 119,000 employees of JP Morgan, Morgan Stanley, and Goldman didn't get us out of this financial mess. The American team did. Sadly, only a select few deem themselves worthy of the reward.

If you show me 30 Billion reasons why The Big 3 Bankers in this country deserve $30B in bonuses in 2009, I'll show you the cowardice that only a Taliban terrorist dressed as a goat herder can rival in Afghanistan. There is no pride in watching you people behave like this. It's un-American.

The only way out is for American financiers to start behaving like patriots again. It's time to "draw on every remaining ounce of strength to protect" our teammates , "and accomplish our mission." It's time to look this American Credibility Crisis in the eye, raise interest rates and strengthen our currency. Capitalizing the balance sheets of a select few and kicking a socialized can of losses down the road to our neighbor's children is gutless resolve.

On the heels of America's Squirrel Hunter (Geithner) saying the following in Tokyo today, the Buck is Burning down to another YTD low at $74.85:

"I believe deeply that it's very important to the United States, to the economic health of the United States, that we maintain a strong dollar"

Enough of what you believe "deeply" already. No one believes you, dude. Your voice is being laughed at by the Chinese. The world is using your conflicted compromise to engage in carry trading with our hard earned American currency. Your voice is a metaphor for the Lone Survivor in American Leadership lost.

It's time to find that American voice again. It's time to power the US Financial System with pride and accountability again. Let's get on with it.

"I'm a sniper, and I'm the platoon medic. But most of all, I'm an American."
-Marcus Luttrell

My immediate term TRADE lines for the SP500 are now 1070 (support) and 1101 (resistance).

Best of luck out there today,
KM