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Time to Panic? Not Yet

It was a lousy day for stocks, but not a panic day. Volume at the NYSE just average today. And yes the VIX was up 9 percent today, but look a little farther out: July VIX futures only up 2.9 percent, November 1.6 percent.

European elections: is Greece more important? Everyone fixated on Mr. Hollande's potential victory in France, but what about Greece? We could end up with a deadlock.

Traders fear that no one may end up with a real majority and out of the ten parties, seven are against the deal. If the two big parties can't get a coalition together, you have a deadlocked parliament and then probably ANOTHER election in the fall. And what happens to that austerity deal that was just negotiated? Hmm.

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  • A CNBC reporter since 1990, Bob Pisani covers Wall Street from the floor of the New York Stock Exchange.

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