Options flow in GS ahead of earnings is nearly triple normal volume and dominated by calls, with 117,000 on the tape vs 71,000 puts. Typical put/call in GS has been closer to 1.09 over the past month, suggesting much of today’s activity is short-term earnings speculation. Shares are up 5% near 149.27, and most actives include nearly 30,000 July 150 calls and 20,000 July 155 callss trading as implied vols lift to the 60% range, putting the implied gap-move based on the iv difference from July to Aug at approximately $5. Flow is primarily smaller size trades, with nothing over 1000 contracts.