I’ve been beating the drums for a push up to 112, but Goldman (GS) flunked the strength test yesterday — miserably — when it failed by a relatively small amount to surpass a look-to-the-left peak at 102.71 recorded last October. If the rally had had any guts, the extra $1.32 shouldn’t have been a problem. Instead, the stock head-faked sharply higher in the early going, only to die at 101.41 and retreat at a kamikaze pitch. The subsequent air pocket amounted to $7, a comeuppance that is likely to put bulls on the defensive for at least the next 2-3 days. Based on the chat-room discussion, I can’t tell whether any subscribers put on the calendar spread. If so, let me know in the chat room, along with the price, so that I can establish a tracking position.  Check back for an update, since we may cut our losses if Goldman looks punk. In the meantime, for each two spreads, offer an additional April 115 call naked short for 2.60, day order.