This happened to my 2000 Blazer and caused it to fail inspection. It's a very common problem with these transmissions. I had the Sonnax TCC Regulator Valve Kit installed for about $400 (w/ labor) and it fixed the problem and passed inspection. This 'usually' fixes the problem 9 times out of 10. Do your research before you have it checked out so you know what you're talking about. I had one place want to sell me a $3000 transmission (I paid just over that for the truck), and another want to do a total rebuild. Then I went to the 3rd place and told them right off the bat what I wanted. They agreed with me and even asked how I knew about it. This truck has 140,000+ miles on it, and I certainly didn't want to spend that much $$$. Check out the thread below. It's really long, but has tons of info on it.
http://www.cartrackers.com/Forums/li...Lemon/160.html
Also, do a Google search for P1870 and you'll get tons of stuff on it because it's so common.