I think this is another correction within an ongoing bull market, rather than something more substantial.
The particular bullish case for the blue chips here is that they've really had a correction over the last month or so, ... I look for the blue chips to catch up with the rest of the market and make new highs later this month.
We ultimately expect the overall market to be down...and end up with a correction that totals 10 to 15 percent from the peak.