It was only a refresh, meaning, Google did not make any algorithm signal updates. All they did was rerun the Panda algorithm to run through the index and release or capture sites that deserve, according to them, to be hit by the Panda algorithm.
Now, despite the fluctuations we noticed over the weekend Google said this Panda refresh did not start until yesterday and it did not start over the weekend.
Here is Google’s tweet, which I emailed Google about and they said it started yesterday and was only a data refresh:
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