CMT Chartered Market Technician là bằng cấp quốc tế xịn nhất cho Trader theo trường phái kỹ thuật hiện nay. Nếu anh em chỉ muốn trade thôi thì khỏi học, nhưng nếu anh em thích nghiên cứu học thuật, muốn đi làm cho quỹ, cho ngân hàng quốc tế hoặc nội địa, hoặc đi dạy học ở đẳng cấp cao, chính danh... thì tôi khuyên anh em đi học. CMT có 3 level. Level 3 nghe đồn ở Việt Nam chỉ tầm chục người có bằng. Tầm level 3 có thể đứng head cho 1 team tự doanh của công ty chứng khoán hoặc head bộ phận nghiên cứu, research. Nhìn chung, dân PTKT thì bằng CMT là xịn nhất rồi. CMT sẽ bao quát hết những thứ khá cơ bản và nâng cao một chút của PTKT, nhưng không có cái gì là bí kíp 69 năm hoặc tuyệt học trading gì hết đâu. Toàn những cái chính đạo thôi nhé.
CMT LEVEL II Theory and Analysis Readings Selected by The Market Technicians Association Cover design: Wiley Copyright © 2016 by The M arket Technicians Association, except as follows: Perry J Kaufman, Trading Systems and Methods, + Website, 5th edition (Hoboken, New Jersey: John Wiley & Sons, 2013), Chapter 3, pages 267–296, 309–330, 350–411, 485–496, 516–559, 1027–1059 Copyright © 2013 by Perry J Kaufman Reprinted with permission Russell Rhoads, Trading VIX Derivatives: Trading and Hedging Strategies Using VIX Futures, Options, and Exchange Traded Notes (Hoboken, New Jersey: John Wiley & Sons, 2007), Chapters 1–2 Copyright © 2007 by Russell Rhoads Reprinted with permission M arkos Katsanos, Intermarket Trading Strategies (Hoboken, New Jersey: John Wiley & Sons, 2008), Chapters 1–3 Copyright © 2008 by M ark Katsanos Reprinted with permission Ned Davis, Being Right or Making Money, 3rd edition (Hoboken, New Jersey: John Wiley & Sons, 2014), Chapter 3–4 Copyright © 2014 by Ned Davis Reprinted with permission Robert A Weigand, Applied Equity Analysis and Portfolio M anagement (Hoboken, New Jersey: John Wiley & Sons, 2014), Chapter Copyright © 2014 by Robert A Weigand Reprinted with permission Thomas N Bulkowski, Visual Guide to Chart Patterns (Hoboken, New Jersey: John Wiley & Sons, 2012), Chapters 1–17 Copyright © 2012 by Thomas N Bulkowski Reprinted with permission Dr Alexander Elder, The New Trading for a Living (Hoboken, New Jersey: John Wiley & Sons, 2014), Part 6, Chapters 21– 37 Copyright © 2014 by Alexander Elder Reprinted with permission David Aronson, Evidence-Based Technical Analysis (Hoboken, New Jersey: John Wiley & Sons, 2006), Introduction, Chapters 7–8 Copyright © 2006 by David Aronson Reprinted with permission Edwin T Burton and Sunit N Shah, Behavioral Finance (Hoboken, New Jersey: John Wiley & Sons, 2013), Chapters 9–11 Copyright © 2013 by Edwin T Burton and Sunit N Shah Reprinted with permission M ebane T Faber, “Relative Strength Strategies for Investing” (El Segundo, CA: Cambria Investment M anagement, 2010) Copyright © 2010 by M ebane T Faber Reprinted with permission All rights reserved Published by John Wiley & Sons, Inc., Hoboken, New Jersey Published simultaneously in Canada No part of this publication may be reproduced, stored in a retrieval system, or transmitted in any form or by any means, electronic, mechanical, photocopying, recording, scanning, or otherwise, except as permitted under Section 107 or 108 of the 1976 United States Copyright Act, without either the prior written permission of the Publisher, or authorization through payment of the appropriate per-copy fee to the Copyright Clearance Center, Inc., 222 Rosewood Drive, Danvers, M A 01923, (978) 750-8400, fax (978) 646-8600, or on the Web at www.copyright.com Requests to the Publisher for permission should be addressed to the Permissions Department, John Wiley & Sons, Inc., 111 River Street, Hoboken, NJ 07030, (201) 748-6011, fax (201) 748-6008, or online at http://www.wiley.com/go/permissions Limit of Liability/Disclaimer of Warranty: While the publisher and author have used their best efforts in preparing this book, they make no representations or warranties with respect to the accuracy or completeness of the contents of this book and specifically disclaim any implied warranties of merchantability or fitness for a particular purpose No warranty may be created or extended by sales representatives or written sales materials The advice and strategies contained herein may not be suitable for your situation You should consult with a professional where appropriate Neither the publisher nor author shall be liable for any loss of profit or any other commercial damages, including but not limited to special, incidental, consequential, or other damages For general information on our other products and services or for technical support, please contact our Customer Care Department within the United States at (800) 762-2974, outside the United States at (317) 572-3993 or fax (317) 572-4002 Wiley publishes in a variety of print and electronic formats and by print-on-demand Some material included with standard print versions of this book may not be included in e-books or in print-on-demand If this book refers to media such as a CD or DVD that is not included in the version you purchased, you may download this material at http://booksupport.wiley.com For more information about Wiley products, visit www.wiley.com ISBN 978-1-119-22270-5 (Paperback) ISBN 978-1-119-25141-5 (ePub) CONTENTS ABOUT THE MARKET TECHNICIANS ASSOCIATION WHAT IS THE CMT® PROGRAM? What Will You Learn? HOW THIS BOOK WAS CREATED PREFACE Exam Topics & Question Weightings Chapter 1: Charting Finding Consistent Patterns What Causes the Major Price Moves and Trends? The Bar Chart and Its Interpretation by Charles Dow Chart Formations Trendlines One-Day Patterns Continuation Patterns Basic Concepts in Chart Trading Accumulation and Distribution—Bottoms and Tops 10 Episodic Patterns 11 Price Objectives for Bar Charting 12 Implied Strategies in Candlestick Charts 13 Practical Use of the Bar Chart 14 Evolution in Price Patterns 15 Notes Chapter 2: Understanding Implied Volatility Historical Versus Forward-Looking Volatility Put-Call Parity Estimating Price Movement Valuing Options: Pricing Calculators and Other Tools Fluctuations Based on Supply and Demand 10 11 12 The Impact on Option Prices Implied Volatility and the VIX Chapter 3: About the VIX Index History of the VIX Calculating the VIX The VIX and Put-Call Parity The VIX and Market Movement Equity Market Volatility Indexes Amex QQQ Volatility Index Chapter 4: Intermarket Analysis 4.1 Determining Intermarket Relations 4.2 Using Intermarket Correlations for Portfolio Diversification Chapter 5: Correlation 5.1 The Correlation Coefficient 5.2 Assumptions 5.3 Outliers 5.4 Homoscedasticity Chapter 6: Regression 6.1 The Regression Equation 6.2 Multiple Regression 6.3 Assumptions 6.4 Nonparametric Regression Chapter 7: Regression Analysis ARIMA Basic Trading Signals Using a Linear Regression Model Measuring Market Strength Notes Chapter 8: Time-Based Trend Calculations Forecasting and Following Price Change over Time The Moving Average Geometric Moving Average Accumulative Average 13 14 15 16 Reset Accumulative Average Drop-Off Effect Notes Chapter 9: Trend Systems (Part 1) Why Trend Systems Work Basic Buy and Sell Signals Bands and Channels Applications of a Single Trend Notes Chapter 10: Trend Systems (Part 2) Techniques Using Two Trendlines Multiple Trends and Common Sense Comprehensive Studies Selecting the Right Trend Method and Speed Moving Average Sequences: Signal Progression Early Exits from a Trend Moving Average Projected Crossovers Notes Chapter 11: Momentum and Oscillators Momentum Divergence Index Oscillators Double-Smoothed Momentum Notes Chapter 12: Cycle Analysis Cycle Basics Uncovering the Cycle Cycle Channel Index Short Cycle Indicator Phasing A Special Case for Futures Volume Variations from the Normal Patterns Standard Interpretation Volume Indicators 10 Breadth Indicators 11 Interpreting Volume and Breadth Systematically 12 An Integrated Probability Model 13 Notes 17 Chapter 13: Volume, Open Interest, and Breadth A Special Case for Futures Volume Variations from the Normal Patterns Standard Interpretation Volume Indicators Breadth Indicators Interpreting Volume and Breadth Systematically An Integrated Probability Model Intraday Volume Patterns Filtering Low Volume 10 Market Facilitation Index 11 Notes 18 Chapter 14: A Stock Market Model A Stock Market Model Overview of the Fab Five Tape Component The Final Tape Component The Sentiment Component Sentiment Summary The Monetary Component Monetary Component Summary Fab Five Combo Component 10 Combo Model Summary 11 Summing Up the Fab Five 12 How We Use the Fab Five 19 Chapter 15: A Simple Model for Bonds A Slight Modification Summary 20 Chapter 16: Perspectives on Active and Passive Money Management Terminology: Investors, Investment Vehicles, Risk and Return The Top-Down Fundamental Analysis Process The Record of Professional Money Managers Market Efficiency, Behavioral Finance, and Adaptive Expectations Additional Perspectives on Investing Professional Investment Policy Statements Summary References Notes 21 Chapter 17: Understanding Chart Patterns The Basics Pattern Recognition Made Easy Minor Highs and Lows Trendlines 22 Chapter 18: Understanding Chart Pattern Breaks Support and Resistance Gaps Throwbacks and Pullbacks 23 Chapter 19: Triangles, Pennants, and Flags Pattern Identification Rectangles Ascending Triangles Descending Triangles Symmetrical Triangles Flags and Pennants 24 Chapter 20: Tops and Bottoms Double Bottoms Triple Bottoms Double Tops Triple Tops 25 Chapter 21: Head-and-Shoulders Patterns 10 Crowd Psychology Trading Rules More on Stochastic Note Chapter 28: Relative Strength Index Mass Psychology Trading Rules Note Chapter 29: Volume Crowd Psychology Trading Pointers Note Chapter 30: Volume-Based Indicators On-Balance Volume Crowd Psychology Trading Signals More on OBV Accumulation/Distribution Crowd Behavior Trading Rules More on Accumulation/Distribution Notes Chapter 31: Force Index How to Construct Force Index Trading Psychology Trading Rules Notes Chapter 32: Open Interest Crowd Psychology Trading Rules More on Open Interest Note Chapter 33: Time Cycles Indicator Seasons Market Time The Factor of Five Notes Chapter 34: Trading Timeframes Investing 1397 Swing Trading Day-Trading Note Chapter 35: The New High–New Low Index How to Construct NH-NL Crowd Psychology Trading Rules for NH-NL NH-NL in Multiple Timeframes and Look-Back Periods Notes Chapter 36: Stocks above 50-Day MA Note Chapter 37: Other Stock Market Indicators Advance/Decline Note Chapter 38: Consensus and Commitment Indicators Tracking Advisory Opinion Signals from the Press Signals from Advertisers Commitments of Futures Traders Legal Insider Trading Short Interest Notes Chapter 39: The Scientific Method and Technical Analysis The Most Important Knowledge of All: A Method to Get More The Legacy of Greek Science: A Mixed Blessing The Birth of the Scientific Revolution Faith in Objective Reality and Objective Observations The Nature of Scientific Knowledge The Role of Logic in Science The Philosophy of Science The End Result: The Hypothetico-Deductive Method Rigorous and Critical Analysis of Observed Results Summary of Key Aspects of the Scientific Method If TA Were to Adopt the Scientific Method Objectification of Subjective TA: An Example Subsets of TA Notes Chapter 40: Theories of Nonrandom Price Motion The Importance of Theory Scientific Theories 1398 What Is Wrong with Popular TA Theory? The Enemy's Position: Efficient Markets and Random Walks Challenging EMH Behavioral Finance: A Theory of Nonrandom Price Motion Nonrandom Price Motion in the Context of Efficient Markets Conclusion Notes Chapter 41: Case Study of Rule Data Mining for the S&P 500 Data Mining Bias and Rule Evaluation Avoidance of Data Snooping Bias Analyzed Data Series Technical Analysis Themes Performance Statistic: Average Return No Complex Rules Were Evaluated The Case Study Defined in Statistical Terms Rules: Transforming Data Series into Market Positions Time-Series Operators Input Series to Rules: Raw Time Series and Indicators Table of 40 Input Series Used in Case Study The Rules Notes Chapter 42: Prospect Theory The Reference Point The S-Curve Loss Aversion Prospect Theory in Practice Drawbacks of Prospect Theory Conclusion Notes Chapter 43: Perception Biases Saliency Framing Anchoring Sunk-Cost Bias Conclusion Notes Chapter 44: Inertial Effects Endowment Effect Status Quo Effect Disposition Effect 1399 Conclusion Notes Chapter 45: Relative Strength Strategies for Investing Abstract Momentum Data Sector Returns BUY RULE SELL RULE Solutions to the Drawbacks of Relative Strength Systems Real-World Implementation Conclusion Appendix A - Data Sources Chapter 46: Risk Control Mistaking Luck for Skill Risk Aversion Liquidity Measuring Return and Risk Leverage Leverage Based on Exposure Individual Trade Risk Kaufman on Stops and Profit-Taking Ranking of Markets for Selection Probability of Success and Ruin Entering a Position Compounding a Position Equity Trends Investing and Reinvesting: Optimal f Comparing Expected and Actual Results Notes End User License Agreement 1400 目录 ABOUT THE MARKET TECHNICIANS ASSOCIATION WHAT IS THE CMT® PROGRAM? What Will You Learn? 45 46 47 HOW THIS BOOK WAS CREATED PREFACE Exam Topics & Question Weightings Chapter 1: Charting 48 49 51 53 Finding Consistent Patterns What Causes the Major Price Moves and Trends? The Bar Chart and Its Interpretation by Charles Dow Chart Formations Trendlines One-Day Patterns Continuation Patterns Basic Concepts in Chart Trading Accumulation and Distribution—Bottoms and Tops Episodic Patterns Price Objectives for Bar Charting Implied Strategies in Candlestick Charts Practical Use of the Bar Chart Evolution in Price Patterns Notes Chapter 2: Understanding Implied Volatility Historical Versus Forward-Looking Volatility Put-Call Parity Estimating Price Movement Valuing Options: Pricing Calculators and Other Tools Fluctuations Based on Supply and Demand The Impact on Option Prices Implied Volatility and the VIX 1401 55 58 59 73 75 87 103 109 111 130 132 142 148 153 157 159 160 163 166 167 171 175 177 Chapter 3: About the VIX Index History of the VIX Calculating the VIX The VIX and Put-Call Parity The VIX and Market Movement Equity Market Volatility Indexes Amex QQQ Volatility Index 178 179 181 183 188 191 197 Chapter 4: Intermarket Analysis 4.1 Determining Intermarket Relations 4.2 Using Intermarket Correlations for Portfolio Diversification Chapter 5: Correlation 198 206 209 216 5.1 The Correlation Coefficient 5.2 Assumptions 5.3 Outliers 5.4 Homoscedasticity 217 223 235 237 Chapter 6: Regression 239 6.1 The Regression Equation 6.2 Multiple Regression 6.3 Assumptions 6.4 Nonparametric Regression 241 243 246 247 Chapter 7: Regression Analysis ARIMA Basic Trading Signals Using a Linear Regression Model Measuring Market Strength Notes Chapter 8: Time-Based Trend Calculations Forecasting and Following Price Change over Time The Moving Average Geometric Moving Average Accumulative Average Reset Accumulative Average Drop-Off Effect 248 249 257 262 265 266 267 272 273 283 285 286 287 1402 Notes 288 Chapter 9: Trend Systems (Part 1) Why Trend Systems Work Basic Buy and Sell Signals Bands and Channels Applications of a Single Trend Notes 289 291 297 304 318 323 Chapter 10: Trend Systems (Part 2) Techniques Using Two Trendlines Multiple Trends and Common Sense Comprehensive Studies Selecting the Right Trend Method and Speed Moving Average Sequences: Signal Progression Early Exits from a Trend Moving Average Projected Crossovers Notes Chapter 11: Momentum and Oscillators 324 326 336 339 340 345 349 350 352 353 Momentum Divergence Index Oscillators Double-Smoothed Momentum Notes 356 374 376 400 410 Chapter 12: Cycle Analysis 412 Cycle Basics Uncovering the Cycle Cycle Channel Index Short Cycle Indicator Phasing A Special Case for Futures Volume Variations from the Normal Patterns Standard Interpretation Volume Indicators Breadth Indicators 1403 414 424 433 434 436 441 443 447 451 465 Interpreting Volume and Breadth Systematically An Integrated Probability Model Notes Chapter 13: Volume, Open Interest, and Breadth A Special Case for Futures Volume Variations from the Normal Patterns Standard Interpretation Volume Indicators Breadth Indicators Interpreting Volume and Breadth Systematically An Integrated Probability Model Intraday Volume Patterns Filtering Low Volume Market Facilitation Index Notes Chapter 14: A Stock Market Model A Stock Market Model Overview of the Fab Five Tape Component The Final Tape Component The Sentiment Component Sentiment Summary The Monetary Component Monetary Component Summary Fab Five Combo Component Combo Model Summary Summing Up the Fab Five How We Use the Fab Five 474 480 482 485 486 488 492 496 511 520 526 528 532 534 535 537 538 542 544 556 557 573 574 585 586 595 596 597 Chapter 15: A Simple Model for Bonds A Slight Modification Summary 598 603 609 Chapter 16: Perspectives on Active and Passive Money Management 1404 610 Terminology: Investors, Investment Vehicles, Risk and Return The Top-Down Fundamental Analysis Process The Record of Professional Money Managers Market Efficiency, Behavioral Finance, and Adaptive Expectations Additional Perspectives on Investing Professional Investment Policy Statements Summary References Notes Chapter 17: Understanding Chart Patterns The Basics Pattern Recognition Made Easy Minor Highs and Lows Trendlines 611 613 622 625 636 646 652 653 656 657 658 659 668 672 Chapter 18: Understanding Chart Pattern Breaks Support and Resistance Gaps Throwbacks and Pullbacks 683 684 695 704 Chapter 19: Triangles, Pennants, and Flags Pattern Identification Rectangles Ascending Triangles Descending Triangles Symmetrical Triangles Flags and Pennants 710 711 712 727 738 748 760 Chapter 20: Tops and Bottoms Double Bottoms Triple Bottoms Double Tops Triple Tops 771 772 785 798 810 Chapter 21: Head-and-Shoulders Patterns Head-and-Shoulders Bottoms 821 822 1405 Head-and-Shoulders Tops 834 Chapter 22: Computers in Trading 845 Toolboxes Black Boxes and Gray Boxes Computers Market Data Three Major Groups of Indicators Note 846 848 849 850 852 854 Chapter 23: Moving Averages 855 Twice as Much Bark Market Psychology Exponential Moving Averages Choosing the Length of a Moving Average Trading Rules More on Moving Averages Dual EMAs Moving Averages and Channels Prices, Values, and the Value Zone Note Chapter 24: Moving Average Convergence-Divergence: MACD Lines and MACD-Histogram How to Create MACD MACD-Histogram Divergences The Hound of the Baskervilles Note 857 858 859 860 861 863 864 865 866 868 869 870 873 877 882 883 Chapter 25: The Directional System How to Construct the Directional System Crowd Behavior Trading Rules Average True Range—Help from Volatility Note Chapter 26: Oscillators 884 885 889 890 892 894 895 1406 Overbought and Oversold Note 896 897 Chapter 27: Stochastic 898 Crowd Psychology Trading Rules More on Stochastic Note 901 902 904 905 Chapter 28: Relative Strength Index Mass Psychology Trading Rules Note 906 909 910 912 Chapter 29: Volume 913 Crowd Psychology Trading Pointers Note 915 918 919 Chapter 30: Volume-Based Indicators On-Balance Volume Crowd Psychology Trading Signals More on OBV Accumulation/Distribution Crowd Behavior Trading Rules More on Accumulation/Distribution Notes Chapter 31: Force Index 920 921 922 923 925 926 927 928 930 931 932 How to Construct Force Index Trading Psychology Trading Rules Notes 933 934 935 940 Chapter 32: Open Interest 941 Crowd Psychology Trading Rules 944 946 1407 More on Open Interest Note 947 948 Chapter 33: Time 949 Cycles Indicator Seasons Market Time The Factor of Five Notes 950 951 955 956 957 Chapter 34: Trading Timeframes Investing Swing Trading Day-Trading Note 958 959 962 966 968 Chapter 35: The New High–New Low Index How to Construct NH-NL Crowd Psychology Trading Rules for NH-NL NH-NL in Multiple Timeframes and Look-Back Periods Notes Chapter 36: Stocks above 50-Day MA Note 969 970 971 973 975 978 979 982 Chapter 37: Other Stock Market Indicators Advance/Decline Note 983 984 987 Chapter 38: Consensus and Commitment Indicators Tracking Advisory Opinion Signals from the Press Signals from Advertisers Commitments of Futures Traders Legal Insider Trading Short Interest Notes 988 990 991 992 994 996 997 999 Chapter 39: The Scientific Method and Technical 1408 Analysis The Most Important Knowledge of All: A Method to Get More The Legacy of Greek Science: A Mixed Blessing The Birth of the Scientific Revolution Faith in Objective Reality and Objective Observations The Nature of Scientific Knowledge The Role of Logic in Science The Philosophy of Science The End Result: The Hypothetico-Deductive Method Rigorous and Critical Analysis of Observed Results Summary of Key Aspects of the Scientific Method If TA Were to Adopt the Scientific Method Objectification of Subjective TA: An Example Subsets of TA Notes Chapter 40: Theories of Nonrandom Price Motion 1001 1002 1003 1006 1008 1011 1027 1049 1052 1053 1055 1059 1074 1076 1081 The Importance of Theory Scientific Theories What Is Wrong with Popular TA Theory? The Enemy's Position: Efficient Markets and Random Walks Challenging EMH Behavioral Finance: A Theory of Nonrandom Price Motion Nonrandom Price Motion in the Context of Efficient Markets Conclusion Notes 1082 1083 1084 1086 1095 1110 1137 1145 1146 Chapter 41: Case Study of Rule Data Mining for the S&P 500 1155 Data Mining Bias and Rule Evaluation Avoidance of Data Snooping Bias Analyzed Data Series Technical Analysis Themes Performance Statistic: Average Return No Complex Rules Were Evaluated The Case Study Defined in Statistical Terms 1409 1156 1157 1158 1159 1160 1161 1162 The Case Study Defined in Statistical Terms Rules: Transforming Data Series into Market Positions Time-Series Operators Input Series to Rules: Raw Time Series and Indicators Table of 40 Input Series Used in Case Study The Rules Notes 1162 1164 1167 1177 1192 1194 1226 Chapter 42: Prospect Theory 1232 The Reference Point The S-Curve Loss Aversion Prospect Theory in Practice Drawbacks of Prospect Theory Conclusion Notes 1233 1234 1236 1238 1239 1241 1242 Chapter 43: Perception Biases 1243 Saliency Framing Anchoring Sunk-Cost Bias Conclusion Notes 1244 1246 1249 1252 1254 1255 Chapter 44: Inertial Effects 1256 Endowment Effect Status Quo Effect Disposition Effect Conclusion Notes 1257 1263 1265 1267 1268 Chapter 45: Relative Strength Strategies for Investing Abstract Momentum Data Sector Returns 1270 1271 1272 1273 1274 1410 SELL RULE Solutions to the Drawbacks of Relative Strength Systems Real-World Implementation Conclusion Appendix A - Data Sources Chapter 46: Risk Control 1278 1282 1288 1289 1290 1292 Mistaking Luck for Skill Risk Aversion Liquidity Measuring Return and Risk Leverage Leverage Based on Exposure Individual Trade Risk Kaufman on Stops and Profit-Taking Ranking of Markets for Selection Probability of Success and Ruin Entering a Position Compounding a Position Equity Trends Investing and Reinvesting: Optimal f Comparing Expected and Actual Results Notes End User License Agreement 1411 1293 1295 1302 1304 1320 1324 1325 1338 1341 1354 1359 1365 1371 1375 1380 1388 1391 ... (General Dynamics Corp) 20 FIGURE 20 .20 LMT US Equity (Lockheed Martin Corp) 21 FIGURE 20 .21 ZEP US Equity (Zep Inc) 22 FIGURE 20 .22 POL US Equity (PolyOne Corp) 23 FIGURE 20 .23 ANF US Equity (Abercrombie... Inc) 22 Chapter 23 FIGURE 23 .1 DIS Daily 22 -Day EMA (Chart by Stockcharts.com) FIGURE 23 .2 DIS Daily, 26 - and 13-Day EMAs (Chart by Stockcharts.com) 23 Chapter 24 FIGURE 24 .1 ABX Weekly, 26 - and... (Abercrombie & Fitch Co) 24 FIGURE 20 .24 COH US Equity (Coach Inc) 25 FIGURE 20 .25 COH US Equity (Coach Inc) 26 FIGURE 20 .26 XLB US Equity (Materials Select Sector SPDR Fund) 27 FIGURE 20 .27 XLB US Equity