ETRN - Midstream Militia Retreats
After a few weeks of positive performance, midstream rolled over this week. Energy stocks in general were negative, despite benign commodity price movements and strength among market indexes (which clearly are dominated by tech stocks). The ramping up of election rhetoric with the Democratic National Convention this week may have led to marginal selling of energy stocks and midstream stocks in favor of less "controversial" stocks.
The MLP Index has declined for 7 straight trading days (-5.6% over that stretch), including each of the 5 days this week. By comparison, green posterchild stock Tesla (TSLA)