I have a newbie question for everyone here regarding option pricing. I bought a $12 put on BAC (BYOTL) a few days ago for $0.66 when the stock was well over $13. Since then the stock price has tumbled over $1 but I have only made about a 5 cent profit. In fact, my position was under water for some time while the stock price had dropped considerably below where it was when I bought the put. I know that options don't necessarily move in tandem with the stock price and that there is time decay, but I still do not understand why there would be that much of a difference between the stock price and the option price. Any help with this would be appreciated.