It's an uncertain time for markets, with much anticipation over the U.S. Federal Reserve's decision on interest rates next week and the the U.S. presidential election . BML Funds' Ted Alexander describes the current market as "directionless." "The market's going up and down, and this is because we've got a monumental economic shift happening and we're not sure if [it's] going to stick to the landing," the chief investment officer at the Sydney-headquartered boutique told CNBC's " Street Signs Asia " on Sept. 9. "We're transitioning from this high inflation economy with high interest rates to a more normal market," he said, adding that the market lacks conviction on whether it is headed toward moderate growth and tame inflation or a recession and reset. When asked if he expects the Fed to cut interest rates by 50 basis points, Alexander said it's hard to predict. Markets are pricing in a 67% probability that the Fed will cut rates by at least 25 basis points, while 33% are expecting a cut of 50 basis points -- down from last week's 44%, according to the CME FedWatch tool . "I don't think you can look at the data and say, this is a no-brainer," he added. Defensive and dividend plays Alexander's strategy in playing the market right now is through defensive sectors and dividend players. Defensive plays, which includes sectors such as consumer staples and health care, are "much cheaper" and have been "trying to find resilient growth that's not so sensitive to the state of the economy," he said. "These are unloved segments, really, relative to the rest of the market." As for dividend plays, Alexander is bullish on the utilities and telco sectors amid falling Treasury yields . Telecommunications firm AT & T is among the stocks he likes. Calling it a "big behemoth," Alexander expects it to get a competitive boost as its competitor Verizon is a "bit stuck" in its acquisition of fiber-optic internet company Frontier Communications in a $20 billion all-cash deal . AT & T came under pressure earlier this year as customers in South Dallas in the U.S. experienced network disruptions due to what the company described as a case of thieves stealing copper wire , but the investor remains unfazed. Shares in AT & T are trading up nearly 30% year-to-date, while its forward price-to-earnings is 9.8 times. Alexander says it is "pretty cheap [and] the right kind of stock to play at the moment." "So, if you're looking to play that dividend yield, I reckon AT & T is one of the ones," he added. Another stock on his radar is Reckitt Benckiser , given its suite of health and hygiene products like Clearasil, Dettol and Durex used daily by consumers. "These are core products ... They've got that, nice growth profile that's not so sensitive (to economic downturns)," he added. The company's unit Mead Johnson was ordered to pay $60 million in damages over its Enfamil baby formula. Shares in Reckitt Benckiser have taken a hit and are down nearly 17% year-to-date. Its shares are traded on the London Stock Exchange and as an American Depositary Receipt in the U.S. Calling it a cheap stock, Alexander believes it "can double over the coming years." Big pharma plays Alexander is also likes health-care and biotech players, especially big pharmaceutical companies producing products serving medical needs. Names he likes include AbbVie , AstraZeneca , Novartis and Johnson & Johnson . AstraZeneca, he said, has been doing "really exciting" things recently, while Novartis' "pipeline looks really exciting for future years." Johnson & Johnson, meanwhile, has been building out a "pipeline of drugs," Alexander added.