ETF Tracker Newsletter For February 27, 2026

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CHOPPY MONTH WRAPS – PRECIOUS METALS OUTSHINE EQUITIES AGAIN

[Chart courtesy of MarketWatch.com]

  1. Moving the market

Stocks started the day soft and never really found their footing, closing out the month with another red session.

The major indexes all finished lower for February amid growing worries about AI’s impact on specific industries (and the broader economy).

The Mag 7 massively underperformed the rest of the S&P 493, with tech names like Nvidia extending its post-earnings slide (down another 2% today after a 5%+ drop yesterday) as traders question the sustainability of hyperscalers’ huge AI capex.

The latest PPI (wholesale inflation) came in hotter than expected — headline up 0.5% MoM (vs. 0.3% forecast) and core up 0.8% (vs. 0.3% expected).

That added to sticky inflation concerns and offset last week’s strong payrolls data. Markets had hoped for a Goldilocks setup, but instead we got upside inflation surprises and downside growth surprises, pushing rate-cut expectations higher.

Bond yields tumbled (10-year below 4% for the first time since October), and the dollar ended the month flat.

The real heroes again? Precious metals. Gold gained 7.4% for February (now up seven months in a row), and silver added 9.8% (extending its winning streak to 10 months straight, despite a brutal 20%+ mid-month drop).

Those gains helped our portfolios close out another positive month despite the equity weakness.

Bitcoin wasn’t so lucky—it fell for its fifth straight month.

Hard-asset demand keeps pushing that space higher while equity and credit volatility creates chaos, making tech feel like the riskiest spot right now.

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Weekly StatSheet For The ETF Tracker Newsletter – Updated Through 02/26/2026

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ETF Data updated through Thursday, February 26, 2026

How to use this StatSheet:

  1. Out of the 1,800+ ETFs out there, I only pick the ones that trade over $5 million per day (HV ETFs), so you don’t get stuck with a lemon that nobody wants to buy or sell.
  1. Trend Tracking Indexes (TTIs)

These are the main indicators that tell you when to buy or sell Domestic and International ETFs (section 1 and 2). They do that by comparing their position to their long-term M/A (Moving Average). If they cross above, and stay there, it’s a green light to buy. If they fall below, and keep going, it’s a red light to sell. And to make sure you don’t lose your shirt if things go south, I also use a 12% trailing stop loss on all positions in these categories.

  1. All other investment areas don’t have a TTI and should be traded based on the position of each ETF relative to its own trend line (%M/A). That’s why I call them “Selective Buy.” In other words, if an ETF goes above its own trend line, you can buy it. But don’t forget to use a trailing sell stop of 12%, or less if you’re feeling nervous.

If some of these words sound like Greek to you, please check out the Glossary of Terms and new subscriber information in section 9.

  1. DOMESTIC EQUITY ETFs: BUY— effective 5/20/2025

Click on chart to enlarge

This is our main compass, the Domestic Trend Tracking Index (TTI-green line in the above chart). It has broken above its long-term trend line (red) by +8.76% and remains in “Buy” mode, with our holdings being subject to our trailing sell stops.

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Nvidia Beats Big, Then Dumps 5% – Classic Sell-The-News Day

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[Chart courtesy of MarketWatch.com]

  1. Moving the market

Stocks opened lower and stayed under pressure for most of the day, even after Nvidia and Salesforce dropped their latest earnings.

The big disappointment was Nvidia—despite beating on both earnings and revenue, shares got pumped early then dumped about 5%, putting it on track for its worst day since April.

Traders basically shrugged off the numbers and took profits. Other chip names followed suit: Broadcom, Lam Research, Western Digital, and Applied Materials all fell more than 6%.

Salesforce bucked the trend a bit, rising 2% after beating on both top and bottom lines, but it wasn’t enough to lift the broader tech sector.

The weakness ties back to ongoing fragility in software and cybersecurity—investors are still nervous about AI tools potentially disrupting incumbent vendors’ businesses. The Mag 7 were a big drag again, but the rest of the S&P 493 held roughly flat.

In the end, only the Dow and small caps managed small green closes—the Nasdaq was the day’s biggest loser.

Bond yields eased (pushing rate-cut expectations higher), the dollar gained overall despite a late sell-off, and the metals were mixed: spot gold chopped between $5,150 and $5,200 but the gold ETF closed green, silver eked out a gain, and Bitcoin followed tech lower before bouncing back to $68k.

Today’s big question: why did Nvidia underperform after such a strong beat? Simple answer—classic “sell the news” profit-taking.

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Mega-Caps Bounce Back – Gold Hits $2,500, Silver Tops $91

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[Chart courtesy of MarketWatch.com]

  1. Moving the market

Stocks kicked off on a positive note and kept the upward momentum rolling most of the day, led by gains in tech heavyweights.

Nvidia rose about 1% heading into its big earnings report after the bell (alongside Salesforce and Snowflake), as traders recalibrate those sky-high valuations and get a bit skeptical on how much bang they’re getting from hyperscalers’ massive AI capex spending.

Oracle jumped 3% to lead the software bounce after an upgrade from Oppenheimer, who called the risk-reward “favorable” following the recent pullback. That helped lift the broader tech and AI space for a second straight day.

Elsewhere, macro, and geopolitical noise stayed in the background: Trump’s State of the Union last night talked up the economy, proposed government-backed retirement accounts for workers, and repeated his call to ban big institutional investors from buying single-family homes.

The weekend tariff threat (hiking to 15% globally) turned into a 10% duty on Tuesday, but markets mostly shrugged it off.

The rally was broad-ish, with mega-cap tech surging again and financials joining in. An early short squeeze lost steam by afternoon, but the major indexes held on for a green close.

Bond yields rose modestly (rate-cut expectations slipped a touch), the dollar wobbled lower, and precious metals stayed strong: gold rallied back to $2,500 but couldn’t hold it (thanks to CME “technical difficulties“), while silver still topped $91.

Bitcoin was on fire, up over 11% in the last couple of days.

All eyes are now on Nvidia’s earnings after the close—traders are laser-focused on directional commentary and any visibility into 2027.

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Short Squeeze Powers Small Caps – Metals Take A Breather

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[Chart courtesy of MarketWatch.com]

  1. Moving the market

Stocks opened strong and kept the positive momentum going most of the day, with traders shrugging off recent AI disruption fears.

The real spark came from AMD jumping 7% after Meta announced a multiyear deal to deploy up to 6 gigawatts of AMD GPUs for its AI data centers. Meta’s also taking a performance-based warrant for up to 160 million AMD shares.

That news gave the chip and software space a nice lift, especially after last week’s heavy selling.

The broader market stayed upbeat thanks to some encouraging macro data—home prices held steady (helping affordability), and consumer confidence rebounded.

Yesterday’s software meltdown took a breather, and a massive short squeeze (the biggest of the year) fueled the upside in small caps, which led the pack.

Bond yields stayed steady, rate-cut expectations eased off a bit, and the dollar ended only modestly higher.

Metals took a little breather—gold dipped to $5,100 but used it as a springboard to hold firm.

Bitcoin dumped overnight but found support at $63K and recovered some ground.

All eyes are now on Nvidia’s earnings report tomorrow—it could set the tone for the AI trade heading into the rest of the week.

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Risk-Off Day – Indexes Red, Precious Metals Rally Hard

Ulli Market Commentary Contact

[Chart courtesy of MarketWatch.com]

  1. Moving the market

The major indexes opened sharply lower as President Trump ramped up his tariff rhetoric again, responding to the Supreme Court’s strike-down of his “reciprocal” tariffs.

In a Monday post, he warned that any country “playing games” with the ruling—especially those that have “ripped off” the U.S. for years—would face much higher tariffs than previously agreed.

He also said duties would start immediately (though it’s unclear if official documents have been signed) and more levies are coming over the next few months.

That fresh uncertainty triggered a clear risk-off mood, reversing some of last week’s biggest winners. The Dow, S&P 500, and Nasdaq all took an early hit and stayed under pressure for most of the day, with tech and growth names feeling the pain.

Gold prices surged on the renewed trade and inflation worries—spot gold up about 2%, futures nearly 3%—while silver rallied solidly +5.1%.

Bond yields dropped (10-year to its lowest since Thanksgiving), but that didn’t help equities much. The dollar ended flat, and Bitcoin had no spark, sinking to $65K—its lowest since early February.

Wall Street is now bracing for a busy week: Trump’s State of the Union address tomorrow, Nvidia earnings Wednesday, and Friday’s PPI data that could shift the policy outlook.

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