aristotle - 8:56 pm on Jun 8, 2012 (gmt 0)
AND THEN run Penguin again
That's the key, isn't it? Penguin was only re-run one time on May 26. That would be the only time a true Penguin recovery could have happened.
You could be right Tedster. But it seems to me that if millions of links are suddenly devalued, the effects might not spread throughout the entire web instanteously, but that the "reverberations" might continue for some time as the devaluation propagates from site to site..