SPY on 12/15/06

What is going on with the spy etf this morning? The market is gapping up and it is showing that the open as of 8:50 is 142.80 while the previous days close is 143.13. That is showing a gap down of 0.33 while the S&P is gapping up 5.50 points.

Eric

 

golden opportunity for u...arb the hell out of it.

 

dividends?

 

yeah i was thinking about the arb thing but I am just afraid that it is something that I don't know about that makes it do this

Eric

 

It shows +0.57 here :
http://finance.yahoo.com/q?s=SPY

"Pre-Market: 142.89 0.57 (0.40%)

Last Trade: 143.12
Trade Time: Dec 14
Change: 0.00 (0.00%)
Prev Close: 142.32
"

Strange... Dividend ?

Edit : ok...

 

http://www.amex.com/etf/EtPiPrintMain.jsp?Product_Symbol=SPY&MonthVal=12

Ex-Dividend Date----Record Date ---- Pay Date Rate---- Per Share
12/15/06 12/19/06 01/31/07 .79265cents/share

 

XLF having a similar pricing effect.

 

yeah it probably is the dividend