A portfolio manager desire to generate $ 20 million 120 days from now from a portfolio that is quite similar in composition on the S&P 100 index. He entered in a 120 day forward contract based on the index with a notional amount of $ 20 million and gets a quote of 740. If the index level at the settlement date is 757, calculate the amount the manager will pay or receive to settle the contract and also tell the position of portfolio manager (long/short).