While major stock market indexes stand at or near record highs, many experts anticipate a substantial correction soon.

Purchasing blue-chip stocks may be the best strategy to deal with a potential drop, says Mark Hulbert, editor of Hulbert Financial Digest.

"You don’t necessarily have to sell all your stocks if you are worried that a major market decline is imminent," he writes on MarketWatch.

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"Instead, you can begin to shift your holdings toward stocks that historically have held their own during such declines."

And what stocks are those?

"These tend to be the highest-quality blue chips — large and well-established companies that are burdened with little debt, pay a dividend, have a long and consistent history of earnings growth and have below-market price-earnings ratios," Hulbert says.

Twitter's sharp rise last Thursday drew many comparisons to the Internet bubble of the late 1990s, which ended with the Nasdaq Composite Index plunging nearly 80 percent from its March 2000 high to its October 2002 low.

"Yet it is worth remembering that high-quality blue-chip stocks did much better than the overall market back then," Hulbert writes.

Some experts remain bullish on U.S. stocks, based on recent economic and earnings data.

"The focus has been heavily on whether the economy is seeing some growth," Rick Meckler, president LibertyView Capital Management, tells Reuters.

"While the initial reaction to the [strong] jobs report [Friday] was about the Fed tapering or tightening policy, people are seeing the positive aspect of growth."

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