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From Scottie · July 31, 2026
See The Running Of The Bulltards in a Scottie brief
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A market-literate reader who values the publication's irreverent voice alongside its takes on positioning and risk.
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July 31, 2026 · Executive brief
01 / The rundown
- Microsoft datacenter strength and a fund liquidation sparked a tech rebound, but SPY remains pinned under its 50-day line.
- Severe Korean margin calls and rapid swings in oil prices continue to trigger sharp volatility across semiconductor stocks.
- Equal-weight equities are outperforming tech as market participants shift away from heavily concentrated momentum trades during ongoing geopolitical friction.
Read the complete brief 5 stories · 2 action items
02 / The briefing
01 / main
Microsoft Datacenters Lead Tech Rebound as Fund Liquidates
The takeaway: Microsoft’s massive datacenter buildout gave tech stocks a temporary bottom while Amazon prepares to report its cloud metrics. Meanwhile, Leopold’s Situational Awareness fund was liquidated after operating at 400% borrowing, relieving forced selling pressure across heavily beaten-down semiconductor positions.
Concrete details
- The SPY logged its sixth consecutive close under its 50-day moving average despite QQQ reclaiming its 100-day average.
- Leopold’s fund faced liquidation in 60 days after running 400% exposure while core holdings dropped 50% in a month.
Why it matters for this reader: Understanding how forced liquidation and extreme borrowing amplify downside risk helps you spot potential momentum bottoms without chasing false breakouts.
Original sourcesThe Running Of The Bulltards
02 / main
Oil Surges 7.5% as Korean Margin Calls Batter Chips
The takeaway: Crude spiked sharply following aggressive rhetoric regarding Iran, compounding global market anxiety. Overseas, Korea’s Kospi dropped another 6% after an 11% overnight fall, triggering widespread margin calls that dragged Nvidia below its 200-day moving average and pressured global chipmakers.
Concrete details
- Oil prices jumped 7.5% in a single session following sudden policy shifts regarding actions against Iran.
- The Kospi dropped 6% after an 11% fall, bringing its total one-month decline to 50%.
Why it matters for this reader: Tracking overseas liquidation cascades provides early warning on when semiconductor weakness is driven by structural forced selling rather than changing corporate fundamentals.
Original sourcesThe Running Of The Bulltards
03 / main
Margin Unwind in Korea Triggers Heavy Semiconductor Selling
The takeaway: A brutal unwind in crowded momentum positions caused Korean equities to collapse 11% overnight, igniting one of the largest margin call events in recent market history. While semiconductor indexes fell sharply from recent peaks, equal-weight indexes actually managed positive territory.
Concrete details
- The SMH index fell from 671 to 522 over six weeks despite strong operating fundamentals across key holdings.
- The Kospi suffered a 30% drop over one month as margin traders faced continuous liquidations.
Why it matters for this reader: Separating technical unwinds from fundamental deterioration lets you evaluate high-beta tech exposure while avoiding panic during broad market debt liquidations.
Original sourcesThe Running Of The Bulltards
04 / main
Iran Ceasefire Drives Crude Lower and Pays Off Puts
The takeaway: A weekend ceasefire announcement in the Middle East sent crude oil tumbling, delivering swift profits on XLE put contracts. Mainstream stock benchmarks stabilized, yet leadership shifted entirely into defensive single stocks like Johnson & Johnson and Allstate while tech indexes continued to slide.
Concrete details
- The semiconductor index fell 4.5% to 521.46, testing critical support above its March low of 359.
- Defensive names like JNJ, ALL, TRV, CB, and MO dominated momentum scans during tech sector weakness.
Why it matters for this reader: Monitoring tactical put options alongside commodity swings clarifies how quick geopolitical shifts create localized profit opportunities across energy and defensive sectors.
Original sourcesThe Running Of The Bulltards
05 / main
Equal-Weight Stocks Gain Traction Amid Middle East Risk
The takeaway: Equities showed resilience ahead of expected weekend military action in Iran, with volatility remaining surprisingly subdued. While tech stocks hovered near key support, the equal-weight index broke its downtrend to trade within 1% of all-time highs, signaling broader market health.
Concrete details
- The equal-weight index RSP moved within 1% of its record highs while the Nasdaq fell 10% from June.
- The SPY hovered beneath its 50-day moving average at 745.14, staying above potential 100-day support near 720.
Why it matters for this reader: Comparing equal-weight index performance against market-cap tech benchmarks helps you manage sector concentration risk during volatile geopolitical backdrops.
Original sourcesThe Running Of The Bulltards
Action items
- Audit tech sector concentration and risk parameters before acting on momentum rebounds during upcoming cloud earnings releases.
- Monitor moving average support levels across major market indexes to evaluate short-dated options risk and tactical hedge timing.
See every issue behind this brief
SPY Technicals and Tech Datacenter Earnings
- 7/30/26 RecapThe Running Of The Bulltards · Included
Oil Spike and Korean Margin Calls
- 7/29/26 RecapThe Running Of The Bulltards · Included
AI Trade Unwind in Korean Equities
- 7/28/26 RecapThe Running Of The Bulltards · Included
Iran Ceasefire Drives Oil Down and XLE Puts Pay Off
- 7/27/26 RecapThe Running Of The Bulltards · Included
Pre-Weekend Geopolitical Threat and SPY Resilience
- 7/24/26 RecapThe Running Of The Bulltards · Included
About The Running Of The Bulltards
Should you add The Running Of The Bulltards to Scottie?
Follow markets through a specific mix of trading commentary, skepticism, and satire.[1][2][3]
Who it’s for
A market-literate reader who values the publication's irreverent voice alongside its takes on positioning and risk.[1][2]
What you’ll find in it
The issues linked below include “Mission Accomplished”, “7/29/26 Recap”, and “7/28/26 Recap”. Open them to judge the publication in its own words.
- Byline
- James Bulltard[1]
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Read three issues from The Running Of The Bulltards
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- Mission AccomplishedPublic issue[2]
- 7/29/26 RecapPublic issue[3]
- 7/28/26 RecapTue, 28 Jul 2026[4]