(a) For what specific situation would a short position on put options on S&P 500 index be helpful? For what specific situation would a bear spread with put options on Japanese Yen be helpful? For what specific situation would a long position on call options on Euro futures contracts be helpful? Please explain in detail.

(b) For what specific situation would hedging with a long position on Treasury bond futures contract be helpful? For what specific situation would a hedging with a short position on natural gas futures be helpful? Please explain in detail.