I have a website that was averaging 2000 unique visitors per day. Starting on May 24th, traffic started to go down, to 1500, then 1000, then down to 500 visitors per day. This is the first traffic drop in many years of steady traffic. The site is very high quality, white hat. I have made no recent changes to my site.
QUESTION 1) I am aware that Penguin 2.0 recently rolled out, about May 22. If this is a Penguin drop, then does my rankings drop fit the profile? I thought that a Penguin drop would mean an immediate drop on the 22nd, not a slow steady drop over May 24-27.
QUESTION 2) As I searched all of my formerly top-ranked search phrases, I often found my site ranked down around #8, #17, etc. But here's the thing - the SERPS no longer display the preview text below the page title! Google calls this a "snippet". My site no longer displays snippets. The disappearing snippets started exactly when the traffic started to fall a few days ago. I cannot find any information about missing snippets, other than that a webmaster can purposefully <meta name="googlebot" content="nosnippet"> which I of course have not done.
I have never seen a website lose its snippets. Again, the loss of snippets came exactly at the same time as the drop in rankings.