Andy_Langton - 11:04 pm on May 1, 2012 (gmt 0)
Penguin is not finished
I'd agree there, or at least Google is pretty jumpy from where I'm sitting. If you're experiencing "jumpy" rankings, then you'd be advised to sit tight. But if you've fallen off a cliff, then you may well be on a borderline and need to take stock. It's a similar situation with any major update.
What would you pay attention to and which tools would you use?
Penguin seems pretty content-focused to me, but in very basic terms, to diagnose ranking problems you need to spider to understand your site and how it's presented (you can't rely on drip-fed data from the likes of Webmaster Tools) and look at your link profile (again, you need a good data source). The more data the better IMO.
This isn't the thread for a tool discussion, though. You'll find various members' favourite tools here [webmasterworld.com]