The legendary investor Leon Cooperman was on CNBC this morning. In the past Cooperman has stated that a market decline is usually associated with an on coming recession. Today, Cooperman makes the case that there is no sign of a recession on the horizon. Cooperman lays out five signs that a recession is on the way, they are:

1. accelerating inflation,

2. inverted yield curve,

3. rising inventory to sales ratios,

4. declining employment,

5. rising initial jobless claims

Currently, the economy doesn’t show any of the above. Cooperman says the question becomes, “How high is high?”

“At the end of the day we will get to euphoria but we are nowhere near euphoria [now].”