As usually happens in cautious, nervous markets, smaller stocks sold off.

The French vote, they declared, however narrow, should soothe the nervous markets.

The market's nervous and I have meetings all this week to calm things down.

Many of these stocks are out of favor in today's nervous market.

"What happened today is the reaction of a nervous market and a disappointment relative to expectations."

It did not take long in a nervous market, traders said, to read the cancellation as an urgent call to Washington.

"In a nervous market, people are looking for any excuse to sell," one trader remarked.

That may not be the ideal message for a nervous market.

"It's a very nervous market, no doubt about that," he said, noting the recent volatility.

"It is a very nervous market because of the gains that we have seen."