How should I interpret a volcano-like plot from GSEA analysis (Functional Analysis module)

Dear Jeff

The GSEA website explains that the NES is computed as a ratio of experimental Enrichment Score and mean of ESs against all permutations

I am unclear on how a NES could be a negative value, as both numerator and denominator of that ratio are both positive values?

I found no example on the GSEA website of negative ES or NES. I probably missed something?

Regards