Charles Schwab Chief Investment Strategist Liz Ann Sonders says she’s bullish on stocks over the long run, and expects technology stocks will continue to lead the market’s rebound.

In an interview with The Record of  New Jersey, Sonders says there are signs the market may make a bit of a pullback in the short term. “But longer-term, third-quarter earnings have been better than expected,” she says. “The profit expectations for coming quarters have been quite good. Stock prices are still reasonable, and the economic news has been largely better, even in the housing market. Stack them together, and it’s not a bad story.”

Sonders says the 2003-07 rally was led by consumers’ debt-fueled spending. But business capital spending played little role in that rally, and there’s now a lot of pent-up demand in that area. That means good times for technology makers.

Sonders also questions whether the Federal Reserve’s latest foray into quantitative easing is necessary. “We’re seeing the Fed operate on the patient as if it’s still in triage,” she says. “But I think the economy has come back to the point that the patient is in the recovery room.” Near-zero-percent interest rates have several negative consequences, she adds. Sonders also offers her take on what the mid-term elections mean for the market and economy.