Regardless of why the stock might be tanking, there will be a day of reckoning for all the call buyers and (even more so) the put sellers. Is now the time? I don't know, but eventually it will happen. All that "free money" given back and maybe more. Painful.
Why the doom and gloom? I sold a put on today's dip, and if the SP does hit $600 in 2 weeks I'll either happily take assignment at that price or roll before. Otherwise I keep the premium and buy more shares. I wouldn't call any of those outcomes painful.