December E-mini S&Ps (ESZ14 -0.38%) this morning are down another -0.47% as concerns continue about slowing world economic growth.

Utilities continue to hold onto the top slot in our weekly sector ranking. Basic materials and industrial goods also score above average. Consumer goods score inline, with mid and small cap consumer scoring relatively better than large cap.

As the Federal Reserve eventually allows interest rates to rise, we likely will see a rotation out of value and into growth as defensive debt-intensive companies struggle relative to companies that have lower debt burden and stronger prospective earnings growth.

Weakness the prior week was due in part to traders exiting positions for vacation during the holiday-shortened week, protecting big capital gains, cashing out to pay taxes on capital gains, and “delta hedging” on put options.

The highest scoring names in large cap from 1 year ago (2/26/2013) returned 263 bps more than the S&P 500. The best performers are GILD up 95%, PCLN up 94%, MYL up 83%, YHOO up 80%, TMO up 69%, and XEC up 69%.

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