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We have bridge sites targeted to create content and give us good anchor text and backlinks to our site.  In the past week or two we have had a serious drop in national rankings for some of the terms.  It turns out the bridge sites were hacked: weight-loss-camp-california.com weight-loss-camp-massachusetts.com They are still broken right now, but one of our developers is on it.  This could have lead to the rankings drop.  We are a white hat organization, so it was interesting to see a drop even if there was an algorithm change. We check rankings in two ways, locally, and nationally.  Locally we saw a SMALL drop in some targeted markets, but nationally we dropped from #2 to #5 almost over night. I do not understand why this happened... It has happened in the past, and we just waited it out and we actually returned to a better-than-before position.

Have you registered your site with Bing Webmaster Tools? From there you can get an idea of how they are viewing your site, get notification of any issues, and work toward fixing things to get your site content in good standings with what they want.