With the S&P/ASX 200 (Index: ^AXJO) (ASX: XJO) slumping nearly 6% in just four days of trade, there could arguably be some buying opportunities emerging.

While the smaller capitalised companies generally experience greater volatility, many large cap stocks have also been caught up in the selling pressure with many falling by more than the index.

For conservative investors, particularly those who are reliant on the share market for funding their living costs it is generally regarded as a sensible strategy to keep the majority of a portfolio in blue-chip stocks.

Woolworths Limited (ASX: WOW)

Over most time frames in the past five years, Woolworths has lagged the performance of the index. The stock is once again back near its 52-week low level and trading on a trailing price-to-earnings (PE) ratio of just 11.6x. It may still be too soon to buy into Woolworths however with analysts forecasting earnings to decline for the next three years. Given the potential for further downward revisions to earnings’ expectations, it could arguably be best to avoid the stock for now.

Wesfarmers Ltd (ASX: WES)

The track record of Wesfarmers share price over the past few years is certainly much more impressive than Woolworths. However if the market turbulence continues the stock could also revisit its 52-week low before long too.

With analysts forecasting earnings per share to jump substantially higher over the next few years, if investors look out towards financial year (FY) 2018 the stock is trading on a prospective PE of just 13.8x.

AMP Limited (ASX: AMP)

With a significant position within the Australian wealth management industry, AMP enjoys an attractive tailwind. The group’s exposure to equity markets however means that its shares are prone to being sold-off during bear markets.

With the stock trading near one-year lows, investors currently have the opportunity to acquire a leading business on a FY 2017 PE of less than 14x.

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Motley Fool contributor Tim McArthur has no position in any stocks mentioned. Unless otherwise noted, the author does not have a position in any stocks mentioned by the author in the comments below. The Motley Fool Australia has no position in any of the stocks mentioned. We Fools may not all hold the same opinions, but we all believe that considering a diverse range of insights makes us better investors. The Motley Fool has a disclosure policy. This article contains general investment advice only (under AFSL 400691). Authorised by Bruce Jackson.