Billionaire Leon Cooperman told savvy investors that there are still good picks in the stock market despite the seemingly endless volatility.

The founder of the Omega Family Office told CNBC that he is invested in Mr. Cooper (COOP), a mortgage-servicing company and Energy Transfer Equity (ET), a natural gas infrastructure company.

Other stocks Cooperman is invested in and are reasonably valued, according to him, include JPMorgan Chase (JPM), Citigroup (C) and Cigna (CI).

To be sure, fresh waves of selling are hitting Wall Street trading desks as signs emerge of a second virus outbreak, Bloomberg said.

Infection cases from America, China and Turkey are giving traders renewed ammo to bet against V-shaped recovery hopes that have helped send the investing world from depression to euphoria in less than 100 days.

The futures curve for the Cboe Volatility Index, known as Wall Street’s fear gauge, has moved back to a downward-sloping state. Known as backwardation, this shows investors are fretting the near-term outlook equity outlook, after the S&P 500’s more than 40% surge in little more than two months.

All told the threat of outsized stock swings -- the volatility of volatility -- is looming over the rally that added $21 trillion to global indexes.

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