1. Consider the following, historical spot prices on S and Futures price on S:

Day	Spot	Futures
1	80.00	81.00
2	79.64	80.87
3	77.88	79.09
4	76.40	77.72
5	77.29	77.07
6	77.60	78.81
7	78.18	79.32
8	77.04	80.07
9	76.85	79.22
10	77.03	79.20
11	75.96	79.64
12	75.60	78.66
13	77.23	78.55
14	77.12	80.51
15	77.76	80.41
16	77.08	81.22
17	76.50	80.65
18	75.69	80.23
19	75.26	79.61
20	76.50	79.28
21	76.84	80.77
22	78.03	81.28
23	79.19	82.58
24	77.52	84.03
25	76.98	82.34
26	76.22	82.05
27	76.76	81.25
28	79.29	81.88
29	78.86	84.62
30	76.19	84.61

Do a quick evaluation of the possible usefulness of using this futures contract to hedge S. [Note: you will need to calculate the correlation of the daily changes in price for the spot and for the futures. I suggest using the correlation function in Excel.] (A one sentence answer will be sufficient here.)