@buddyskid,
Buddy, indeed a mystery
As a most remarkable coincidence when I finished my repair and returned the loco to its track, it too acted in a similar, most peculiar manner. That it, it would back up but wouldn't proceed forward. In my case, the trouble proceeds from a faulty transformer FORWARD-REVERSE switch as suggested by Rag above. Apparently it's somewhat corroded so doesn't make good contact in both positions
After switching it back and forth a few times sure enough, happy to report, it now starts forward too. Of course your difficulty is different, apparently having something to do with your loco and not the transformer. Though it's a bit expensive you might pick up a can of contact cleaner from Radio Shack and spray round the front wheels and the brushes or whatever is supposed to conduct the power from the tracks to the loco motor