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Strategist: Be a GE, Bank Bull

Earnings season has been glum so far -- but Frederick Lane is investing optimistically.

The chairman and chief executive of Lane Berry & Co. shared his market outlook and trading advice with CNBC.

Lane took on the spate of technology companies reporting this week: "Tech earnings will be a mixed bag -- there will be winners and losers."

For example, "AMD [Advanced Micro Devices] was on a long run for a long time. Now, we've got the opposite: where AMD has probles and Intel is showing better earnings."

But he believes that in general, no tech firm will show "tremendously strong" earnings this year.

Recommendations:

His must-buy: General Electric (parent of NBC Universal, which owns CNBC).

Lane addressed GE's shocking earnings miss on Friday -- as a positive.

"I think this is a great opportunity to buy GE. ...This is a stock that is positioned across a lot of important sectors of the economy: aerospace, healthcare, infrastructure," he said.

What of GE's exposure to the more troubled sectors?

"Yes, it's got a lot of financial services attached to it, but I'd be a bull on GE," Lane said.

He explained that he sees even that supposed vulnerability as a hidden positive for the conglomerate: "We may be largely past the crisis in the banking industry, with the good help of [Federal Reserve Chairman] Ben Bernanke."

Disclosure:

No disclosure information was available for Frederick Lane or his firm.

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