Since bottoming on the last trading day of November, the S&P 500 (SPY) has had a banner month so far this November rising 10.61% month to date. While there is still nearly two weeks left in the month, SPY is on pace for its best month since April. That is also in the top 1% of monthly moves of the past two decades. Other than April, the only month of the past 20 years that has seen a larger gain was October of 2011.

Looking across the various country ETFs in our Global Macro Dashboard, there similarly have been some massive moves so far this month. Several of these have risen over 20% and only two, India (INDA) and China (MSHI), have risen by single-digit percentages. Spain (EWP), Italy (EWI), France (EWQ), Mexico (EWW), Norway (ENOR), and the UK (EWU) are all on pace for their best month of the past twenty years. Every other country ETF is also seeing monthly moves in the top decile of their respective 20-year ranges. For some of these, like Singapore (EWS) or Switzerland (EWL), this month has been the best month in over a decade.