Less Traffic With No Drop in Rankings

[lc4seo]

Is anyone else noticing a drop in their traffic this week, but no loss of rankings? I have a <snip> website that used to bring in about 400-450 visitors a day pre-penguin (before april 2012). After penguin the traffic was nearly cut in half, and then I got hit with a manual penalty bring the traffic down to 50-100/visitors a day.

I filed for a reconsideration request and got the manual action lifted 13 days ago. After just a few days traffic slowly started climbing back up.

I know that it is still a bit too soon to see where the true rankings will be, after the manual action was removed, but I am trying to determine why yesterday and today the traffic was so bad when none of the keywords that were ranking previously seemed to drop. If anyone can offer any insight on this it would be greatly appreciated.
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[edited by: Robert_Charlton at 9:57 pm (utc) on Jun 19, 2013]
[edit reason] removed market area, added paragraph formatting [/edit]

[Robert Charlton]

With extreme localization of serps, along with other types of personalization, rankings that you may be able to see no longer tell the entire story.

Some members have reported an increase of traffic with no changes in ranking. So it's reasonable to expect the opposite to happen as well.

There's likely to be a broad range of intentions built into some queries, as well as many different types of searchers, so your site needs to anticipate searcher needs and satisfy them if it's going to thrive in an increasingly personalized environment.

Have you looked at various types of traffic and conversion funnels in your analytics to see what might be going on?

[aristotle]

Webmaster Tools shows average rankings for your high-traffic keywords over selected time periods. I'm not sure what data is used for calculating these averages -- It might even be an average over all searches worldwide. At any rate, it would probably give you a better idea of your "true" rankings than your own personal test searches, for reasons that Robert Charlton mentioned.

[piatkow]

There are so many variables. My traffic crashed last week with no drop in rankings, this week its back, if anything marginally better than before, with no improvement in rankings.