FrankTheRank - 4:01 pm on May 14, 2012 (gmt 0)
Finding a solution...........
I have made some keyword stuffing changes to what I thought were penguinised sites and their rankings have improved over a few days.
What I find highly suspicious is that there supposedly was a Panda (on page content factors) update a couple of days before penguin. I didn't notice it in my UK financial services sector as most pandalised sites have long been removed and panda changes dont affect top rankings.
What if the panda update was looking for keyword stuffing and marked a set of sites as suspicious but took no action?
When the penguin (off site bad link / dejuice)comes along a couple of days later and also marks those sites, then the panda penalties are applied at the same time as any penguin pooh.
Confuse and cloak!
Solution de-optimise for spammy internal nav and content and if you don't float back up within a week or two, seriously check your backlink profile for penguin droppings or attack.