I was #2-4 for about 5 different search terms for one website. The site is about 4 months old, and has held those positions in google for 2 months. 2 days ago, my google traffic dropped to 0, and I am no where to be found for ANY keyword. My site is still found using "site: myurl.com" though... What the heck happened?!
Strange things happen with new sites wait a few weeks and if your site does not reappear somewhere in the serps then you will know that you were penalized.
it did happen not only for new sites but for old sites as well, just like my two year old site whom for several months has been on no.2 position in Google for the keyword "computer troubleshooting" but suddenly disappear. Just continue updating your site and it will be back soon.
just give them sometime and wait. my site use to disappeared from my keywords for wholemonth and suddenly it came back. you might now experience the same thing.