Different in day trading SPY & ES?

One is stock like, the other is future, which have more advantages?

 

IMO the SPY and ES move the same so I guess it's cheaper to trade SPY for the tighter spread.
What's the point in spending more dosh to trade an instrument when trading its derivative carries less costs...
There's virtually no spread on SPY and it is practically the same market of ES (SP)

 

Though, never traded SPY but traded ES and repent for having thrown $$ away.

 

If someone prefers to trade ES rather than SPY I'd like to hear why...

 

Leverage.

 

Then go for SPX...

 

I found this old thread:

http://www.elitetrader.com/vb/showthread.php?s=&threadid=2311&highlight=spy

http://www.elitetrader.com/vb/showthread.php?s=&threadid=24204&highlight=spy

http://www.elitetrader.com/vb/showthread.php?s=&threadid=15359&highlight=spy

http://www.elitetrader.com/vb/showthread.php?s=&threadid=5420&highlight=spy

 

When SPY moves, you can have a 5-10 cent spread.

SPY does give the innefficiences of crossed markets though and at times you can get great, in the money prices. Also the price "improvement" on NYSE, but most of the vol is on ECNs.

 

Never noticed that...

 

Tax advantage of ES? Leverage? It all depends on the trader's needs and skill as well as time frame.