Given that December since 1950 is historically the best month of the year on average for equities, it seems that investors have a growing feeling that this year will be no different. [Will Santa Claus Visit ETFs?]

Stock exchange traded funds soared Wednesday after central banks intervened to relieve pressure in funding markets — the Dow enjoyed its best day since March 2009. The liquidity action is seen as a potential game-changer for stocks.

It’s unclear whether the Federal Reserve’s move was driven by fears over a potential European bank default or not, but markets now must try to sort out if things have truly changed in terms of inflation expectations and whether the conditions favor a December rally.

I suspect markets need a bit more time to sort it out, but for now it’s worth taking a look at what the financials sector thinks given that policy action was really aimed at the banking system.

Take a look below at the price of the Financial Select Sector SPDR (NYSEArca: XLF) relative to iShares S&P 500 (NYSEArca: IVV). As a reminder, a rising price ratio means the numerator/XLF is outperforming (up more/down less) the denominator/IVV.