It was a weird and wild month. Just as is often the case with equity market (and basketball games) only the beginning and the ending portion were of the most interest.
The last few days of this month provided a powerful rally that caught a great deal of investors off-guard. Short interest was close to the highest level in 2-years and there have been many reports that hedge funds have reduced equity exposure significantly.
The chart shows the returns for the month of November as well as the year-to-date. (Please note that the returns are based on ETFs and returns are based in U.S. dollars)
(Click to enlarge)
