You hold a stock portfolio worth $15 million with a beta of 1.05. You would like to lower the beta to 0.90 using S&P 500 futures contract, which has a price of 460.20 and a multiplier of 250. What transaction should you do?

a) Should you long or short the futures contract? Please input long or short in lower case.

Your answer: __________

b) How many futures contracts should you trade? Please input only the number of contracts to trade; round the number to the nearest whole number.

Your answer: ________