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...