One of the Most Powerful Money Managers on Wall Street Is Betting Big on Google
Leon Cooperman thinks there are some missing factors that are needed to signal the market top.

Omega Advisors CEO Leon Cooperman said on CNBC's Halftime Report Monday that he thinks FANG stocks can bring the whole market up. 

Cooperman said about 4.5% of his Omega fund is invested in Alphabet (GOOGL) stock, and the only problem with the stock is that just about everyone seems to own it.

When FANG stocks rise, they bring the whole market up with them, Cooperman said. Cooperman's second-largest holding is First Data Corp (FDC) . He's ready to shop for bank stocks including JPMorgan Chase & Co (JPM) , Citigroup (C) and Bank of America (BAC) if the market takes a turn downward.

But there could be a bit of a wait for the downturn, Cooperman said. The stock market is fully valued and headed for a normalization, but the signs of an end to this bull market haven't manifested yet.

Bear markets don't come out of thin air, the widely followed hedge fund titan said. The conditions "aren't there" to signal the top of the market. There's certainly optimism, Cooperman said, but there's no euphoria to signal the end of the bull market, the Federal Reserve isn't acting with hostility and there aren't signs of an immediate recession.

Cooperman said the fourth indicators of the end of a bull market is some large geopolitical event, which is impossible to forecast. But Cooperman noted the volatility in the White House and trouble with North Korea.

Alphabet and Citigroup are holdings in Jim Cramer's Action Alerts PLUS Charitable Trust Portfolio . Want to be alerted before Cramer buys or sells GOOGL and C? Learn more now.

More of What's Trending on TheStreet:

More from Stocks

Get a Juicy 8%+ Dividend Yield With Solid Income Streams All in One Stock

Get a Juicy 8%+ Dividend Yield With Solid Income Streams All in One Stock

U.S.-Chinese Trade War Could Mash Up Apple

U.S.-Chinese Trade War Could Mash Up Apple

How to Overcome the Fear of Trading Super-Momentum Stocks

How to Overcome the Fear of Trading Super-Momentum Stocks

Tesla's People Problem and the Inscrutable Musk: 2 Things That Make You Go Hmmm

Tesla's People Problem and the Inscrutable Musk: 2 Things That Make You Go Hmmm

Dow Hits Another Closing High to End Record Setting Week

Dow Hits Another Closing High to End Record Setting Week