It is July 16. A company has a portfolio of stocks worth $70 million. The beta of the portfolio is 1.4. The company would like to use the CME December futures contract on the S&P 500 to change the beta of the portfolio to 0.9 during the period July 16 to November 16. Each contract is on $250 time the index. The current index level is 1000 and the futures price is 1020. 1. What position should the company take in index futures? 2. If the company decides instead to increase the beta of its portfolio to 1.8, what position should the company take in index futures