Here it goes:
Dont concentrate your argument only to women. Actually he didnt think of sex important at that time, or maybe at any time during his life. And given the fact that his parents were afraid that he would become effeminate, we can exclude men also. His parents were at the point that they were afraid that he would become effeminate, not that he was.The boy liked the finer stuff and appeared to not like women
That also makes any specculation about Alexander having something with Hephaestion non applicable. And if anyone argues about being effeminate had nothing to do with having something with a man at those times, i will ask this:
Would he become more effeminate by music and arts, and not by having something with another man? Meaning that his parents would be afraid of him being effeminate only because he was good with music, but not by supposedly having something lets say with Hephaestion?
That alone excludes any homoerotic relationship with anyone at that point. If Philip had suspected anything between Alexander and another man he would have surely intervened with his famous gentle manners. Yet he didnt try to take Alexander away from his friends. Not for that matter anyway.
All is based on the remark by the sources that his parents were afraid that he would become effeminate.
Also lets say that later on, that wasnt a matter anymore. He didnt give sex an important role in his life, but that didnt stop him of having a relationship with Barshine, early during the campaign. Or devoting many nights with the women that were send to him from all over the empire. To all these attest the sources for us.
Oh well, nothing of course excludes something with a man. But who might that man be? There is absolutely no indication about him and Hephaestion havng something during the campaign. And as i stressed above, probably not during teenagehood too.
And well, Bagoas cant be considered a man now, can he? And we get no indication that their relationship was something more than him attending for Alexander's massages e.t.c.
But there is something with Bagoas that needs further research. The information that Bagoas was an eunuch was given to us by Athenaus, who wasnt Alexander's biographer, and Curtius, who we know how reliable he was anyway.
Lets see what Plutarch writes about that matter:
Here Plutarch doesnt reffer to Bagoas as an eunuch, but a favorite. And we know that favorites were the boys that were send to Alexander to be at his court, and for paidagogic (educational) reasons only. Is it possible that Athenaus just mixed up this Bagoas with the other Bagoas, who indeed was an eunuch, and who killed Artaxerxes? And Curtius indeed refers to Bagoas as being Alexander's eromenos, which also means that he was his favorite, as for educational reasons. (See Plutarch's description about Erastis and Eromenos at Sparta and Athens, for further information).We are told, too, that he was once viewing some contests in singing and dancing, being well heated with wine, and that his favourite, Bagoas, won the prize for song and dance, and then, all in his festal array, passed through the theatre and took his seat by Alexander's side; at sight of which the Macedonians clapped their hands and loudly bade the king kiss the victor, until at last he threw his arms about him and kissed him tenderly
Edit: Plus, it is not mentioned where the kiss was. It may have been at the chick.