While the headlines last week were rightfully focused on the humanitarian cost of the Russian invasion of Ukraine, under the surface, a lot was happening in the financial markets.  Options action can give investors many clues as to what the market is most concerned with.  On the day after the invasion began, there was a massive amount of defensive and bearish action in stock index ETF options.  Conversely, bullish options action mostly occurred in energy and precious metals ETFs and companies.