"Volatility's not going away this summer, but the Fed's not going to tighten," she added.
Patterson, with $50 billion in assets under management, said that she was underweight materials and overweight health care, technology and consumer discretionary.
(Read More: Don't Focus on Volatility: Strategist)
"But they're not sector bets, per se, as where we see opportunity," she added.
Patterson also said that she hoped Fed Chairman Ben Bernanke would calm the markets.
"My problem and my nervousness about Bernanke – I do think he'll walk back a bit, but he can't walk back too far because then you see things like people reaching for yield in places they shouldn't, putting their hand in the cookie jar that ain't good for them," she added.
(Read More: QE's 'Ticking Time-Bomb': Larry McDonald)
"When we saw in May people paying huge premiums for Rwandan bonds – Rwandan bonds – that's the sort of thing that makes Bernanke stay up at night."
Trader disclosure: On June 14, 2013, the following stocks and commodities mentioned or intended to be mentioned on CNBC's "Fast Money" were owned by the "Fast Money" traders: Simon Baker is long AAPL; Simon Baker is long BAC; Simon Baker is long JPM; Simon Baker is long FB; Simon Baker is long MSFT; Simon Baker is long GOOG; Stephanie Link is long AAPL; Stephanie Link is long GS; Stephanie Link is long JPM; Stephanie Link is long WFC; Stephanie Link is long CSCO; Stephanie Link is long FB; Stephanie Link is long EBAY; Jon Najarian is long CLF; Jon Najarian is long GME; Jon Najarian is long FSLR; Jon Najarian is long FNSR; Jon Najarian is long INTC; Jon Najarian is long OC; Jon Najarian is long TIVO; Jon Najarian is long TMO; Jon Najarian is short GLD puts; Pete Najarian is long AAPL; Pete Najarian is long BAC; 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 YHOO.