Please use the following information to answer the next 2 questions:

An investor manages an equity portfolio which has 1,200 shares of a stock. On 9th October 2017, the stock price is $100, a call option on the stock with the strike of $120 is priced as $10 and has a delta of 0.5. The investor decides to use this call option for hedging the equity portfolio. Assuming one option contract trades one share of the stock. However, at the end of the next trading day, 10th October 2017, the stock price goes up by $10, the option price goes up by $8. The investor needs to adjust his hedging position (dynamic hedging).

29. How many options should the investor buy or sell on 9th October 2017?

A. Short 2,000 options

B. Long 2,000 options

C. Short 2,400 options

D. Long 2,400 options

30. How many options should the investor buy or sell on 10th October 2017 for the hedging position?

A. Short 500 options

B. Long 500 options

C. Short 900 options

D. Long 900 options