Possible tracking issues are not checking out. 3rd party advertisers are showing higher impressions and clicks.
Traffic by specific service providers... Comcast, Roadrunner, Cox, etc.. are all consistently higher at the pace of traffic growth. Traffic from all of these sources have a graph that looks identical; Showing the same increase at the same time.
Further, the non-U.S. traffic is down by percentage so the spike is coming from domestic traffic originating in the United States.
Average time on site for the last 30 days is: 1:20... minute twenty seconds. Month of January was 1:24. The past two days is 1:02. With traffic being up 70% if they were all brief hits - then the past two days' visitor duration should be cut in half.
The home page traffic which is where the spike in visitors are landing on the site has a visitor duration of about 22 seconds lower than usual, which is 55 seconds.
The visitor duration difference looks more like the traffic isn't targeted, although not 100% uninterested either.
We have done a lot of work on this site since losing some traffic to Panda last summer. I just wouldn't expect such a dramatic increase without an update in Google but regardless the increase is in "direct" visits and not from search.