Billionaire investor Leon Cooperman thinks the stock market is probably nearing a bottom

Billionaire hedge fund manager Leon Cooperman thinks we’re nearing a bottom in the stock market.

The market has been going nuts the last few days and senior finance executives ranging from JPMorgan CEO Jamie Dimon to BlackRock CEO Larry Fink have set out their thoughts on the sell-off.

And now Leon Cooperman has added this thoughts to the mix.

In a CNBC interview Friday, Cooperman said that high-yield investors unable to sell their paper were shorting the S&P as a hedge.

“There is no liquidity in the credit market in the high-yield area. They can’t sell their papers, so what they are doing is they are cross-hedging and shorting S&Ps,” Cooperman said. “The S&P will just have to find a level that it is comfortable at. I would have thought that that level is not far from where we are presently.”

Earlier in the day, Larry Fink said on CNBC that the stock market could sell-off another 10% and that oil could test $24.

Cooperman said Fink is likely too pessimistic.

“I don’t think we’ll go down another 10%, but I wouldn’t say it’s impossible.”

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