I don't know, maybe the realization that the "ultimate insider" Paulson is about to bounce, plus the GS job cuts, plus the increasingly pessimistic earnings expectations are finally taking a toll on GS.
Who knows? The GS 100-120 calls were pretty active today, so one tends to wonder if there is some sandbagging (among other things)going on into earnings.
All I know is the market ripped today, and GS fizzled.