Billionaire investor Leon Cooperman says dramatic fluctuations in individual stocks are the 'canary in the coal mine'-and reveals 7 value stocks he's holding right now

• Leon Cooperman told CNBC a "meaningful chuck of the market" is in a state of euphoria.
• He added that dramatic fluctuations in individual stocks are the "canary in the coal mine."
• Cooperman also said he owns Athene, Ashland Global Holdings, Citigroup, Cigna, Comcast, Mr. Cooper Group, and General Motors.
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Billionaire investor Leon Cooperman told CNBC on Wednesday he sees ominous factors in the market that demonstrate "euphoria", but he's still finding value right now in specific stocks.

"There's a meaningful chunk of the market today that's in euphoria. You see 50% price moves. You see a SPAC a minute." Cooperman said.

"I think the dramatic fluctuations in many individual companies, the IPOs that are getting, five, 10, 15, $20 billion values with virtually no revenues and no earnings..It's clear that that's the canary in the coal mine," said the chairman of the Omega Family Office.

He added that while the near-term market outlook is "probably okay," he's concerned about the long-term outlook for stocks, and he added that low-interest rates that are supporting current valuations are "unsustainable."

"Whenever you bought into the market when it was selling at the present multiple of, say, 22 times or higher, you've never really made any serious money one year, three years, five years out. I think that's what we're looking at," said Cooperman.

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Cooperman also said that although he voted for Joe Biden, the president's higher corporate tax rates, higher individual tax rate and higher capital gains tax rates will harm businesses, particularly tech companies that he said are "the main source of growth in the economy."

He detailed that his family office's largest position is in Google. He also has positions in tech stalwarts Microsoft, Facebook, and Amazon.

He also said he holds Athene, Ashland Global Holdings, Citigroup, Cigna, Comcast, Mr. Cooper Group, and General Motors.

"I look for value, but I do have long-term concerns. I think the policies we're running are unsustainable," said the investor. "We have this push-pull. We have the push of very, very stimulative fiscal and monetary policies. Hard to fight that presently."