With the S&P 500 back at record highs, Liz Ann Sonders, chief investment strategist at Charles Schwab, is overweight the technology, health care and financial sectors.

The technology and health care sectors have been the best performing S&P 500 sectors so far this year. 

As for Federal Reserve policy, she doesn't expect a rate hike in September, but expects the central bank to announce a date to start unwinding its monstrous $4.5 trillion balance sheet.

She expects a rate hike in December.

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