After earlier exiting our short sell position on NNI, we lightly scaled in a new short position on NNI at $11 at close. Add more based on technicals aggressively if price goes higher ang gingerly if price goes lower.

Market participants appear to be over enthusiastic about the Department of Education contract. Our own business experiences show and we have verified with sources that this is a very low margin servicing business and does not include origination or Title IV.

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