Barton Biggs, the hedge fund manager who bought stocks when the market bottomed in 2009, boosted bullish bets on equities in his Traxis Global Equity Macro Fund after European leaders took action to contain the debt crisis.

The fund’s net long position has risen to 80 percent, he said today during a Bloomberg Television interview. That compares with 65 percent on Oct. 17 and 40 percent about a month before that. Biggs said he likes technology stocks as well as industrial companies such as Caterpillar Inc., Deere & Co., Emerson Electric Co. and General Electric Co.

The Standard & Poor’s 500 Index has surged 14 percent in October, heading for its biggest monthly gain since 1974. The advance accelerated after European leaders boosted the region’s rescue fund last week.

“There’s a tremendous amout of money that’s trapped out of stocks,” Biggs said today. The rally is “going to continue for awhile.”

Biggs said he’s “intrigued” by European stocks, but isn’t buying them.