Options sometimes lag especially on a rapid up-move. As for a theory I'd have a guess and say as the people who often buy oppies may not be the same people that are inclined to chase the SP up on a technical trading break, i.e. tilted towards those prepared to wait for the price to dip back down rather than traders as they're relatively illiquid things. They were trading at a premium before the recent up-move not anymore. If the SP stays at these levels for a long period of time I'd anticipate premium would b restored, if the SP drops back down possibly again premium might get restored also. IMHO. Note I don't know thaaat much about oppies but have observed this on a few occasions.
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