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Saudi Arabia's oilfields and processing are attacked. 5-6% of the world oil supply is brought offline. Oil prices are up 10%+. Oil and gas stock indexes are up 10%+. And recommendations are flying: "sell the news" "fade the rally" "short xyz oil stock". Usually it is a good idea to "sell the news" - but this is not a usual situation for a few reasons:
1) 5 years into an oil equities bear market, valuations are too low and relevant companies represent too small a % of equity indexes vs their historical representation, even after