It’s price moving up, and supply coming in. It tells us there are sellers hanging out over there, in droves. It doesn't mean buyers won't overpower, but it means they are there. My conviction resides in the nasdaq100 internals, which largely have already rolled over. Which isn't to say they can't catch a bid. But it's not likely. NVDA looks awesome though.
My read ended up being really good added 7% to account since May 24th post. Oil producers have been a great area to be in, Nat Gas was really good this last week, Silver miners weren't bad to trade. Gold miners continue to disappoint but I have been in the right ones lately ( New Gold, Calibre, Argonaut ). In general, anything else I've bought in gold area has been dead money that would have been better allocated elsewhere. I sold off every Gold miner position for now.