The world¢â‚¬â„¢s most developed country (according to the UN), the third-largest oil exporter in the world, and a tiny population awash in petrodollars¢â‚¬¦

If you pictured a secretive oil-rich Arab kingdom with vast swathes of desert sands, palm trees and camels, you’d be mistaken…

Instead, this week’s Global Bull Market Alert takes us to a country dominated by magnificent fjords, stunning mountains and extraordinary natural beauty.

Blessed with remarkable natural resources, Norway is Europe’s trust fund baby. Every Norwegian has the equivalent of a $38,000 investment account managed on his or her behalf by the Norwegian Central Bank through its $170 billion dollar Petroleum Fund.

Think of the Fed managing an $11 trillion Super Fund on behalf of each and every American and you get some idea of the scale of Norway’s good fortune.

This week’s Global Bull Market pick, energy company Norsk Hydro, offers you the opportunity to cash in on both Norway’s extraordinary wealth and the surge in oil prices — all in one of the world’s hottest Global Bull Markets. Despite falling sharply during this particularly vicious October, the Norwegian market is up 33.2% this year — and its strong performance is set to continue.

Here’s why Norsk Hydro is poised to generate hefty profits — both short term and long term — for savvy Global Bull Market Alert subscribers.

First, Norsk Hydro last week announced a 69% increase in third quarter profits, its best quarter ever, just as investment bank Goldman Sachs upgraded its estimates for the company.

Second, Norsk Hydro’s six recent oil and natural gas discoveries (particularly shallow gas deposits on the Norwegian Continental Shelf in Peon) are set to significantly lift its estimates of its oil-equivalent reserves from today’s 1,447 million barrels.

Finally, Norsk Hydro not only has terrific fundamentals, but also is due for a strong short-term bounce. The stock is oversold by every technical measure, and set for a quick 10-15% rebound from its recent lows.

So let’s buy Norsk Hydro (NYSE: NHY) at market today and place a protective stop at $88.00. There are no options on this one.

Portfolio Update: There have been a lot of glum faces among hedge fund managers in London this month. This October has been the worst for European equity markets since 1997 — with even top European hedge funds down between 3% and 8%.

So I am particularly pleased that our October recommendations have made Global Bull Market Alert subscribers money.

Mitsubishi UFJ continues to outperform the broad Japanese market even as the TOPIX index is hitting a five-year high. Since our recommendation last week, Mitsubishi UFJ is already up 3%.

The Austria ETF is still a good buy as Austrian companies continue to target fast growth “New Europe,” with Telekom Austria announcing its Bulgarian subsidiary will launch third generation mobile services in 2006, and Erste Bank short-listed in the privatization of a leading Romanian bank.