I was out for much of the day doing Veteran's Day briefings for Elementary School kids so I wasn't watching the action.
What I have noticed on Lvl II recently is an attempt to walk it down without actually selling much; just trying to scare others into selling or trigger stop orders. Could be shorts trying to push it down so they can cover, but who knows.
What makes you think PUMA is diluting? The O/S has remained constant for some six weeks or so now. I find it hard to believe they would suddenly start diluting again.