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Cooperman: Market in ‘Zone of Fair Valuation’

As the European Central Bank announced a new bond-buying program, the S&P 500 is poised to hit 1,430, Leon Cooperman of Omega Advisors told CNBC on Thursday.

“We think the market’s in a zone of fair valuation. I would not be banging the table at this level. I think you’ve got a lot of issues. We’re looking for 12-month forward earnings, about $108 in the S&P,” he said on “Fast Money.”

(Read More: Cooperman Sees ‘Bubble’ in U.S. Bond Yields)

Cooperman, whose Omega Advisors posted returns of 22 percent year to date, made the comments as stocks hit their highest level since May 2008.

(Read More: Apple Set for 15 Percent Growth: Cooperman)

Trader disclosure: On Sept. 6, 2012, the following stocks and commodities mentioned or intended to be mentioned on CNBC’s "Fast Money" were owned by the "Fast Money" traders: Jon Najarian is long CME; Jon Najarian is long CBOE; Jon Najarian is long GLUU; Jon Najarian is long STSI; Jon Najarian is long call spreads in AAPL; Jon Najarian is long call spreads in GS; Jon Najarian is long call spreads in JPM; Jon Najarian is long call spreads in TGT; Jon Najarian is long call spreads in SBUX; Jon Najarian is long call spreads in FB; Jon Najarian is long call spreads in MSFT; Jon Najarian is long call spreads in QCOM; Jon Najarian is long call spreads in KMI; Enis Tanner is long BAC PUTS; Enis Tanner is long GS; Enis Tanner is long XLU PUTS; Stephanie Link is long AAPL; Stephanie Link is long JPM; Stephanie Link is long WFC; Stephanie Link is long AIG.

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