Markets Will Continue to Grind Higher: Barton Biggs

Despite surging oil prices, the markets will continue to move higher, said Barton Biggs, managing director at Traxis Partners.

"The market's discounted $110 dollar oil, if that's where it's going to go to. I think we are going to grind higher if the economic news continues to be much better than expected, not only in the U.S. but in Europe and even in Japan of all places," Biggs told CNBC.

Biggs' investment strategy includes 55 percent of his portfolio allocated in U.S. equities and the remaining 45 percent in Asia.

"I've got a lot in the U.S. and I got a lot in Asia in the emerging markets," he said, adding, "I think one of the best places to be in the next couple of months is China, so I've got a big position in China and Hong Kong."

Biggs said while Warren Buffett has his "elephant gun" reloaded and has an "itchy trigger finger" for a major acquisition,he is prepared to get out if necessary.

"My trigger finger is itchy the other way — I'm ready to bail out," Biggs said in reference to Buffett's comments.

"I think the things that would worry me is a continuing decline in U.S. house prices, and the sovereign debt crisis in Europe that hasn't been solved—and the ECB is still fiddling while Rome burns," he added.

His Sector Recommendations:

Oil Services


Emerging Markets


Disclosure information was not available for Barton Biggsor his company.