"They're waking up to the fact that maybe it's not Goldilocks," he said. "My sense here is that the market is pricing at least the possibility of the Fed moving. … I just think the market got very, very spooked here with one week to go before the FOMC and the Q&A with Bernanke."
(Read More: Expect a 'Goldilocks' Recovery: Weiss)
The Federal Open Market Committee is scheduled to meet June 19 and 20.
Richards said that he expected 10-year U.S. Treasury rates to stabilize around 2.20 percent.
That was increasing volatility and spurring a cyclical move out of the U.S. dollar, he added, increasing value in emerging markets.
(Read More: Paul Richards Asks, Is the Employment Number 'Too Good'?)
"So, I think to an extent what we're seeing here is hedging out of the U.S. into other markets," he said.
Trader disclosure: On June 12, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Jon Najarian is long JOY; Jon Najarian is long KOG; Jon Najarian is long EEM puts; Jon Najarian is long SCSS; Jon Najarian is long UVXY; Simon Baker is long AAPL; Simon Baker is long GS; Simon Baker is long JPM; Simon Baker is long INTC; Simon Baker is long CSCO; Simon Baker is long FB; Simon Baker is long GOOG; Simon Baker is long HPQ; Pete Najarian is long AAPL; Pete Najarian is long BAC; Pete Najarian is long JPM; Pete Najarian is long MS; Pete Najarian is long XLF; Pete Najarian is long INTC; Pete Najarian is long BBRY; Pete Najarian is long SBUX; Pete Najarian is long FB; Pete Najarian is long MSFT; Pete Najarian is long SE; Pete Najarian is short SBOX; Steve Weiss is long BAC; Steve Weiss is long C.