Charles Schwab Chief Investment Strategist Liz Ann Sonders says she doesn’t think earnings forecasts are too high for 2012, and says investors should not be overexposed to defensive areas of the market that fared well last year. Sonders tells CNBC in the video below that she likes technology stocks, and that tech stocks as a group are far from the lofty valuation levels seen during the tech bubble. In a separate video, Sonders says that investors would be wise to have a good amount of exposure to cyclical areas of the market and not focus too much on defensive areas that led the market last year.