Leon Cooperman, Others Weigh In On Whether The Stock Market Has Hit Bottom

The Dow Jones Industrial Average finished Friday's session down more than 4%. This marks a reversal from a three-day winning streak where major indices gained more than 20% from Monday's close.

So has the market reached a bottom during the coronavirus pandemic? Or is there more pain ahead? Here's what multiple pros are saying.

Cooperman Says He's 'Uniformed Optimistic'

The history behind stock market collapses and recessions suggest the stock market has reached a bottom near current levels, billionaire investor Leon Cooperman said Friday on CNBC's "Squawk Box."

The stats show that during a bear market, stocks fall on average 25% from their highs and the decline lasts around one year, he said, adding that GDP contracts around 2% and earnings fall 15% to 20%.

Markets bottom out three months before a recession ends, Cooperman said.

Cooperman said he has a "uniformed optimistic" view and is ready to declare the bottom of the S&P 500 index at 2,187. The world is ultra-focused on solving the coronavirus, and a solution is likely to come "quicker than most people think," he said.

But if the economic shutdown extends beyond April, Cooperman said he will be "less optimistic."

Brown: No Bottom Until Coronavirus Peaks

The one major precondition to usher in a stock market rebound is the peak of the coronavirus spread, Ritholtz Wealth Management CEO and CNBC contributor Josh Brown said Friday on "Halftime Report." The rate of infections needs to decelerate in key hotspots like New York City and Italy before assuming there is upside moving forward, he said.

The three days of gains this week are a reversal from "very oversold conditions," as the number of stocks at a 10-day low improved from more than 95 last week to now zero, Brown said.

Despite the record-shattering rebound, only 2.8% of S&P 500 stocks are above their 50-day average, he said.

Purves: 'Jim Cramer Camp'

Jim Cramer has said on several occasions over the past few days that any market rebound needs to be viewed with a high degree of skepticism.

Michael Purves of Tallbacken Capital Advisors said on CNBC's "Worldwide Exchange" that his opinion falls within the "Jim Cramer camp" of doubt.

Specifically, it's difficult to cheer a 15% rally over a three-day period as opposed to a more consistent six-day rebound, he said.

The Volatility Index closed at 60 on Thursday, which is too high, as the sustainability of a rally would be more believable if the "fear index" was near 35, Purves said.

The math behind the index suggests the market is pricing in an average move of 4% over the next six weeks, and many of those will be down days, he said.

It's "inevitable" that the market will retest recent lows and it will "quite possibly" make new lows, he said.

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