Shares surged higher in November, with the local market recording its best monthly result since 1988. The ASX 200 gained 10%, and in the process, hit its highest level since late-February, when the pandemic was just starting to spread throughout the world.

In what was an eventful month, there were several catalysts driving positive sentiment. First, the Reserve Bank of Australia slashed the official cash target rate to 0.1%, while also launching a $100 billion bond-buying program.

Next, the US presidential election heralded a new leader, with markets welcoming a split Congress. News late in the month confirming the official commencement of transition planning also buoyed the market, as did word that former Federal Reserve Chair Janet Yellen could be the new Secretary of the US Treasury.

Finally, a series of positive vaccine trial results from three different manufacturers provided the biggest catalyst for the market, driving a rotation into value and recovery stocks that have struggled to date amid COVID-19.

Here is what the Selfwealth community were buying and selling through their Selfwealth trading accounts during November.

Which shares and ETFs were the most held?

A host of familiar names made up the leading shares held by Selfwealth members in November, including the return of one long-time favourite.

While it was no surprise to see the Big Four' banks among the most prominent names, growth in members' holdings in these shares was as high as any other period we've seen in recent times. In terms of share price movements, NAB (ASX: NAB) was the best performer of the quartet, up 23.1%, while Westpac (ASX: WBC) lagged its peers, gaining a more modest 12.4%.

Among the key drivers for banks was accommodative fiscal policy from the RBA, the government commitment to ease the regulatory burden on the banks, and APRA hinting that the cap on dividends could be removed.

Nonetheless, it appears as though Selfwealth members backed Westpac the most, with the total value of shares held in the stock rising 25.3% across our online share trading platform. While ANZ (ASX: ANZ) and Commonwealth Bank (ASX: CBA) also saw a disproportionate increase in total holdings driven by buying activity and new client sign-ups, it was a different story for NAB, where the total value of members' holdings grew at a slower pace than the underlying stock.Selfwealth (ASX: SWF) shares rose to number four among the most-held stocks, setting a new record after eclipsing the previous best of fifth position. The underlying stock increased by 13.2% during November, however, total holdings across the Selfwealth community soared 64.5%.Afterpay (ASX: APT) was the only stock across the top 20 where a net outflow in holdings was recorded. The movement in value was aligned with the stock performance in November, down 1.7%, however, the stock has previously defied this trend as new investors join the registry. One possibility is this could indicate long-term holders have taken profits after the stock incredible performance in 2020, not to mention a broader rotation from tech into value and recovery plays.Elsewhere, positive vaccine news lit a fuse under the share prices of Flight Centre (ASX: FLT) and Qantas (ASX: QAN), which also helped them advance up the list of the most-held shares across the Selfwealth community. Flight Centre increased one position up the list into 16th place, while Qantas edged into 19th place. Each result is a record for the respective stocks, suggesting investor confidence towards the travel industry may still be building.After a month outside the top 20, Woolworths (ASX: WOW) returned to the list. In fact, the stock featured in its highest position since June, with sentiment likely spurred by the broader rally across the market, and panic buying ahead of what turned out to be a brief lockdown in South Australia. Woolworths replaced Argo Investments (ASX: ARG), which has been slowly falling down the list and dropped outside the top 20 for the first time, a potential sign that investors may be willing to go it alone while the market shows some signs of bullishness'.StockCompany1CSLCSL Limited2CBACommonwealth Bank3WBCWestpac4SWFSelfwealth5NABNational Australia Bank6ANZAustralia and New Zealand Banking Group7MQGMacquarie Group8BHPBHP9APTAfterpay10AFIAustralian Foundation Inv11TLSTelstra12Z1PZip Co13WPLWoodside Petroleum14WESWesfarmers15FMGFortescue Metals Group16FLTFlight Centre17NEUNeuren Pharmaceuticals18WOWWoolworths19QANQantas20MLTMilton CorpAs we foreshadowed last month, strong interest in the BetaShares Asia Technology Tigers ETF (ASX: ASIA) has landed the fund inside the top 10 ETFs held by Selfwealth members. Of all the ETFs in the list, ASIA' saw the highest month-on-month increase in members' holdings, rising 35.5%, even though the ETF underperformed almost all others in the list, gaining just 1.8% across November. It does, however, suggest some investors may have viewed subdued trading as a buying opportunity.Dropping out of the list was the SPDR S&P/ASX 200 Fund (ASX: STW), which has seen a gradual decrease in popularity amid the rise in rival funds from Vanguard and BetaShares. For the second month in a row there was a net outflow of Selfwealth members' funds from the AAA Australian High Interest Cash ETF (ASX: AAA), which would have been driven by opportunity cost in light of the market strong performance.ETFCompany1VASVanguard Australian Shares Index ETF2VDHGVanguard Diversified High Growth Index ETF3VGSVanguard MSCI Index International Shares ETF4VTSVanguard U.S. Total Market Shares Index ETF5A200BetaShares Australia 200 ETF6IVVIshares S&P 500 ETF7NDQBetashares Nasdaq 100 ETF8AAAAAA Australian High Interest Cash ETF9VEUVanguard All-World ex-U.S. Shares Index ETF10ASIABetaShares Asia Technology Tigers ETF

Which shares and ETFs were the most traded?

Betashares Australian Equities Strong Bear Hedge Fund (ASX: BBOZ) remained at the top of the list of the most-traded stocks. The value of trades soared by 51.4%, despite the fact that the inverse ETF slumped more than 20% across the month.

Many traders were placing trades in BBOZ in the days before the US election, while the strong rise in the ASX also prompted some traders to speculate that the rally wouldn't last. Adding to heightened trade values was the fact that many traders were forced into action to close their position as losses compounded.

Travel stocks were still a hot' trade last month as state governments around the country moved to provide clarity on border reopenings. The value of trades in Flight Centre was up nearly 100% month-on-month, which ensured it was the second most-traded stock by Selfwealth members in November.Meanwhile, Webjet (ASX: WEB) also catapulted into the top 10, seeing a similar level of growth as far as trading values. Combined, there were nearly 4,000 trades involving these two shares. Qantas was another sight among the most-traded stocks, sitting just outside the top 20, but highlighting the enthusiasm for the sector among the Selfwealth community.

Given the strength of the ASX 200 in November, there were no micro or small-cap shares among the leading stocks traded. This is because trade values were skewed towards the larger companies that moved the index. No stock valued at less than $1 billion market cap featured within the top 20.

ETF trade numbers were also up sharply on the month prior, reflecting an appetite among investors to gain diversified exposure to the market rally. As mentioned earlier, the ASIA' ETF saw heightened attention, with the number of trades in this ETF rising from approximately 900 in October to almost 1,700 in November, the vast majority being buy orders.Last but not least, vaccine news spurred a rally in the price of oil, and Selfwealth members were only too keen to gain exposure to the energy sector. As a result, Woodside Petroleum (ASX: WPL) made the top 20 most-traded shares for the first time since January.Top 20 stocks traded by valueCodeSecurity1BBOZBetashares Australian Equities Strong Bear Hedge Fund2FLTFlight Centre3Z1PZip Co4APTAfterpay5ANZANZ6CSLCSL7WBCWestpac8FMGFortescue Metals Group9VASVanguard Australian Shares Index ETF10WEBWebjet11GEARBetashares Geared Australian Equity Fund12TLSTelstra13VDHGVanguard Diversified High Growth Index ETF14WPLWoodside Petroleum15CGFChallenger16NABNAB17MSBMesoblast18CBACommonwealth Bank19BBUSBBUS U.S Equities Strong Bear Fund20A2MA2 Milk

That all for this Trade Trends report, stay tuned for the next edition this time next month!