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.
I think this is another correction within an ongoing bull market, rather than something more substantial.
We ultimately expect the overall market to be down...and end up with a correction that totals 10 to 15 percent from the peak.