Charles Schwab Chief Investment Strategist Liz Ann Sonders says that while concerns abound in the economy — including a new “monetary cliff” that has resulted from the Federal Reserve’s recent actions — sentiment conditions appear to have kept stocks from being hurt too much by the concerns. She says she’s defensive for the short term, but sees some “shiny objects among the wreckage” of the global economy. Among them: a “very meaningful recovery” in U.S. housing, and a plunge in energy prices, which helps consumers. She also notes that expectations are low for the economy, and that worst-case scenarios may already be baked into stock prices. “A bar set low enough becomes easy to hurdle,” she says.