Like Barry Ritholtz, Charles Schwab Chief Investment Strategist Liz Ann Sonders isn’t buying talk that the recession will end in late 2009 — but that’s because she thinks it has already ended.

Sonders — who correctly called the start of the recession well before most — tells Yahoo! TechTicker that the recession “ended maybe April or May”. She cites a number of economic indicators, saying that the current environment looks very much like the end of past recessions. She says we could even eke out positive GDP for the second quarter.

Sonders says her call “should not be confused with runaway optimism that all our problems are solved and we’re off to the races again.” But she also says that recessions end well before everyone is feeling good.  As for the market, she says, “We may have to have this pause here, but in terms of those cash levels, I think there’s still ample fuel for the market.”