You're seeing blown-out highlights. Those are the portions of your picture that have been overexposed so much that they've gone pure white and all detail has been lost. This is generally considered a bad thing and so the camera is warning you about them. The proper fix is to reduce the exposure using exposure compensation to bring back the details. This can lead to the loss of detail in the shadows as they go pure black, but that's not as bad a thing since we don't expect to see details in the dark. However, the blinking is just a warning since the camera doesn't know what effect you're trying for.
That was the long answer. The short answer is: press up/down on the multiselector to select a different view of your photo.
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