Dont know what your thoughts are or where this is going but if you are thinking about a spy/ES arb i will tell you right now it probably aint gonna work, you need real fast computers automated and located in newyork/chicago.
well im in chicago but i have no desire to arb anything i just noticed they were different, thats all.
ES trades almost 24 hours a day. SPY does not trade all night. If ES sells off 5 points during the Tokyo session while SPY was closed there is your discrepency, and virtually impossible to ARB. This is not taking into consideration the cost to finance an ES position.
Ok fair enough i was just making sure you werent going down the wrong path, i have though of that befoire but there are way too many big wigs arbing that trade already.... anyways good luck in your trading.
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The Investment Banks and financial institutions will be ahead of you every time. Arbs like this don't really work for the little people. In addition, your costs are much higher than theirs...