Not sure what was going on, and there was no mention of it on the Twitter status blog, but it now appears that Twitter Search (and the search API) is back to full speed. There is no question that all day yesterday and and today up until 12:00 Pacific Twitter search was not indexing all Tweets.
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Unless of course all the Twitter users just took an 30 hour nap…
We will keep an eye on it and keep you updated here.