Scott Rubner of Citadel said that July's sharp sell-off and sector rotation in the stock market cleared out excessive positioning but did not break the broader bull market structure. He noted that retail investors became net sellers, AI and semiconductor stocks saw significant selling, and leveraged ETF assets dropped by over $60 billion from their June peak. Rubner believes that the July market did not alter the structural bull market but rather reset it, and investors can now focus more on company fundamentals than positioning.