A rules-based “wave rider”: in calm markets it takes about 2x exposure to Nasdaq/S&P (and sometimes semis), buys dips, and runs a Treasury trend trade. When things get hot or choppy, it flips to cash, a volatility hedge, or short/long Treasuries.

- When markets are calm (low recent choppiness), it “surfs” uptrends with about 2x stock exposure in big, liquid themes: Nasdaq-100, S&P 500, and sometimes Semiconductors. - It buys the one that looks most “washed out” (the lowest recent heat/RSI), aiming for a bounce, and keeps roughly 30% of that sleeve in a trend trade on long-term Treasuries (TMF if rates fall; TMV if rates rise). - If stocks get too hot (very high short-term heat/RSI), it briefly shifts to a volatility fund (VXX) to catch pullbacks. - If markets turn choppy (volatility rises above a threshold), it steps aside into T‑Bills (BIL) until conditions calm down. - It also checks whether bonds are outperforming stocks and whether long Treasuries are trending, to favor either the stock-surfing sleeve or the bond sleeve.

Out-of-sample, this wave-rider targets ~57% annualized return with Calmar ~1.31, improving risk-adjusted performance vs SPY. It seeks bigger upside in calm markets via leveraged sleeves and uses hedges/cash tilts to manage drawdowns (max DD ~43.7%).