Editor's Note:

2015's Q1 is nearing an end and traders were rushing to lock in potential gains, especially in high-flyers like the biotech industry. Biotech stocks have been huge performers over the last couple of years. They were already up more than +20% in 2015 but now they could be reversing. The IBB ishares NASDAQ biotech ETF was down -4.1% today and marked its third down day in a row after Friday's blow-off top.

According to Bob Pisani, on CNBC, there was no one specific catalyst behind today's market decline. Worries about the strong U.S. dollar and its impact on corporate earnings has been a constant undercurrent for the market. Investors are also concerned that Q1 earnings could see the first decline in corporate profits in six years.

It didn't help that this morning's durable goods order missed expectations. Economists were expecting a gain in the durable orders but the government reported a decline.

We are not adding any new trades tonight. Volume has been low all week. Monday and Tuesday were the 2nd and 3rd slowest volume days of the year. Even with today's sharp decline volume was not that strong. This might suggest the selling isn't over yet. A big down day on huge volume can sometimes indicate a short-term bottom is in place.