Billionaire investor Leon Cooperman told CNBC on Friday that he’s optimistic that the inventory current market has bottomed on coronavirus fears.

“If I’m proper on the virus call, if I’m ideal and that’s the massive if … I believe the sector at the new low … was shut enough to the base to be termed the bottom,” Cooperman claimed on “Squawk Box.”

The S&P 500 hit its latest reduced of 2191.86 on Monday, which was about 35% lower than the index’s past month’s all-time superior.

“If the financial shutdown goes further than April into the 3rd quarter, I would be considerably less optimistic,” explained Cooperman, founder of the venerable Omega Advisors expenditure firm, which he turned into a household office at the finish of 2018.

The trader who manufactured his fortune buying individual stocks explained he sees a selection this calendar year for the S&P 500 in between 2,200 and 2,800.

“I truly feel extremely strongly that individual shares are significantly additional attractive than [buying] the S&P 500,” argued Cooperman, who reported he has additional to his Alphabet holdings in latest months. 

“We are on the lookout to add to Facebook and Adobe. We individual Amazon. We glance to include to that on weak point,” he stated. 

Cooperman’s opinions Friday came as Dow futures were pointing to an opening loss of all-around 700 points.

The Dow Jones Industrial Average on Thursday surged over 1,350 points, or 6.4%, capping its biggest three-session winning streak due to the fact 1931. The S&P 500 rose 6.4% increase on Thursday.

Each the S&P 500 and the Dow remained in bear market territory, with losses for every even now exceeding 20% from latest 52-7 days highs heading into the ultimate trading working day of the week.

“I discovered the rally off the base in the handful of couple times extraordinary. I believe it truly is long gone as far as it need to go,” Cooperman mentioned. “The market place is in the zone of reasonable valuation. Until finally we get more of a deal with on the virus, I would think that 1 really should be very defensive.” 

Before this month, he claimed investors who are striving to handle the stock market’s coronavirus-driven volatility desired to be affected individual. Don’t buy on margin, “just know what you have and be affected individual,” Cooperman instructed CNBC on March 1. 

Cooperman offered comparable assistance Friday, telling buyers “that this is not your previous prospect” to get. 

“I would not want to borrow dollars. I would want to be a money-basis trader. I would want to stick with top quality in the industry,” he explained.

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