What happened

Shares of Atlassian (NASDAQ:TEAM) gained 10.5% in November of 2018, according to data from S&P Global Market Intelligence. The maker of project management tools for both enterprises and small businesses didn't have much market-moving news to share last month, and a bullish analyst note at the middle of November went largely unheralded. But the stock jumped 13% higher over the last three trading days of the month, when trade tensions with China appeared to relax.

So what

The upcoming G-20 meeting between Chinese and American officials led markets generally higher that week, and Atlassian's stock rose faster than most. China is not a supremely important market for this company -- the entire Asia-Pacific region added up to just 11% of Atlassian's first-quarter revenues -- but high-flying growth stocks are often sensitive to changes in the global economy. Having suffered a sharp China-related drop as recently as November 19, Atlassian investors breathed a huge sigh of relief as the Chinese trade war rolled toward a solution.

Two boxers touch gloves. One carries the Stars and Stripes, the other is emblazoned with Chinese stars.

Image source: Getty Images.

Now what

The G-20 meeting did not actually solve anything, merely pushing "pause" on further tariff escalations until March 1, 2019. Atlassian reacted just as you'd expect to that news, falling 9% in the first few days of December.

All told, Atlassian's stock is trading 82% higher in 2018 -- and 14% below its 52-week highs. Volatility, thy name is Atlassian. That being said, Atlassian backs up its lofty valuation with tremendous growth. Now, if only the politicians could settle their differences...

This article represents the opinion of the writer, who may disagree with the “official” recommendation position of a Motley Fool premium advisory service. We’re motley! Questioning an investing thesis -- even one of our own -- helps us all think critically about investing and make decisions that help us become smarter, happier, and richer.