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.