It is July 16. Mr. A has a portfolio of stocks worth of $10 million. The historical data for the portfolio return and the stock market index (S&P500) return during the last 6 months are given in the table. He would like to use the CME December futures contract on the S&P500 to change the beta of the portfolio to 0.5 during the period July 16 to November 16. The index futures price is 1000 and each contract is on $250 times the index. What position should Mr. A take?

Month	Return of the Portfolio %	Return of the S&P500 %
1	-5	-2
2	4	3
3	2	2
4	3	4
5	4	5
6	6	8