early today, Matt Cutts tweeted:
Weather report: expect some Panda-related flux in the next few weeks, but will have less impact than previous updates (~2%).
Panda doesn’t constantly run. It’s a special algorithm that Google processes content through on a periodic basis. Why Google Panda Is More A Ranking Factor Than Algorithm Update explains much more about this.
What Cutts is saying isn’t that Panda “flux” will be happening during the next few weeks but rather to expect another Panda Update (Panda 2.6), a minor one compared to some past ones, to happen in the next few weeks.
That fits in with the regular cycle we’ve come to know, which so far has been this:
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