Develop tactical asset allocation recommendations: 1. Macro Regime Assessment: - Current economic cycle phase - Inflation regime - Monetary policy stance - Risk appetite indicators 2. Valuation Context by Asset Class: - Equities: P/E, ERP, Shiller CAPE - Fixed Income: Yield levels, term premium - Credit: Spreads vs. history - Alternatives: Cap rates, commodity valuations 3. Momentum Signals: - Trend following signals by asset class - Cross-asset momentum - Breadth indicators 4. Sentiment Indicators: - Investor positioning - Survey data - Flow data 5. Tactical Tilts: - Asset class overweights/underweights vs. strategic - Regional tilts - Style tilts (growth/value, large/small) - Duration positioning 6. Implementation: - Position sizing - Conviction levels - Time horizon for views 7. Risk Management: - Scenario analysis - Max tactical deviation limits - Stop-loss levels Output: Tactical allocation recommendations with conviction ratings.