"Preston gifted us one goal and we gifted them three," the Wolves boss said after the match.
"When we cock up, we do it big style. It's sod's law Stephen Elliott comes back and does that. I bought him for those qualities and he's a good player.
"We have not played well. That's the upshot of it and they have deserved to win. They took their chances.
"There's no panic here. We are a good side and have answered all the questions asked of us over the first 26 matches."