Mere weeks after North Korea made aggressive moves toward South Korea, one of the country’s exchange traded funds (ETFs) is moving like nothing ever happened.

iShares MSCI South Korea (NYSEArca: EWY) is up 4.5% over the last 10 trading days, and in the last six months, it’s up 31.9%.

One contributor could be an end to the nealry monthlong strike at Hyundai. The strike was curtailing domestic production of subcompact cars and led the company to report the worst November sales out of all car makers in South Korea. The automaker is nearly 5% of EWY.

South Korea is looking ahead to 2011, and growth is in the forecast, although it’s a more “normal” 4.5%. The Bank of Korea said the reduced growth estimate largely has to do with uncertainties in the economy – namely, those North Korea tensions.

For now, EWY is above its long-term trend line. If South Korea can notch growth, continue to export and manage the risks it faces, 2011 could be a nice year.

The opinions and forecasts expressed herein are solely those of Tom Lydon, and may not actually come to pass. Information on this site should not be used or construed as an offer to sell, a solicitation of an offer to buy, or a recommendation for any product.