Contrarian investor and Traxis managing partner Barton Biggs says the recent market volatility is computer driven and offers great equities buying opportunities.

"I think for a true long-term investor (this) is probably a fabulous buying opportunity in stocks and an incrdible selling opportunity, at least in the intermediate-term, for gold and bonds," Biggs tells Market Watch.

Nonetheless, it's not an opportunity Biggs is personally embracing at the moment.

"I'm 50 percent invested in my hedge fund. I’m not supposed to lose money in bear markets, and I'm losing money," says Biggs. "I'm not ready to buy any more and be George Armstrong Custer in his last stand."

According to Biggs, recent market volatility is a computer-and-momentum-driven, high frequency trader-driven panic. “It’s ridiculous,” he says. “The citadels of free market capitalism are being held hostage by these people.”

Biggs thinks the next several quarters will see low growth, but expects the S&P will continue to have value around $100 a share. “Asia and the emerging markets are still going to be real powerhouses,” he says, as are Caterpillar, Deere, large cap U.S. tech companies and other recently squashed stocks.

“Selling oil has been way overdone, and oil service stocks are very cheap.”

Barrons’s reports that oil stocks are falling as the price of the commodity slips on concerns about global demand, and oil services stocks are feeling particular pain.