Huge Hit and Bouncing Rankings Since Panda 3.3 Update?

[Netmark]

Has anyone else seen rankings bouncing all over the place since the end of Feb? A client's site is for the term hcg which I know is controversial but we were in 3rd or 4th for the past couple of months until this update. Now for the term "hcg" the rankings are bouncing from the twenties to over 100 multiple times a day. I check them throughout the day with non personalized search, rank checker, etc to just try and keep updated.

I have never seen rankings bounce around so much after an update and am wondering if this update is somehow effecting these more controversial search terms.

Since The end of Feb our traffic has almost dropped in half due to the drop in just the "hcg" term ranking

We have been cleaning up the site, updating lower quality content, blogging frequently and trying to build better links for the past couple months of working on the site.The problem is there have been a few other previous SEO companies that worked on the site and I don't know how much black hat tactics were used.

Any insight or suggestions on this would be appreciated, we are all scrambling to try and recover from this.

[EGOL]

I see quite a bit of flux in the Google.com SERPs that I watch closely.  In retail areas I attribute some of it to the expiration of paid links for the Christmas buying season.  But, overall there is a lot of flux.

Keep in mind that Google is always running test algos and we could be seeing a lot of them.

Everyone knows that google is experimenting with their Panda updates.  Just recently they preached at free hosting to dump spammy sites.  I speculate that they are struggling with their arrows coming down on scrapers and quality which are difficult for their algo to separate.