Stellar.js
Mostly by following this tutorial http://webdesign.tutsplus.com/tutorials/complete-websites/create-a-parallax-scrolling-website-using-stellar-js/
I was able to create a parallax theme without any problems. However, I noticed the images were disappearing as I scrolled down. To fix it do this:
Change the parameter hideDistantElements found in stellar.js. You need to change the 0 to a 1, effectively disabling it.
The vertical offset parameter was also throwing me off. I’m not sure why you would use it but I deleted them from each image in the page template and that fixed my problem.