Is my site penalized? Or "Dancing"?

Oii! I got myself a micro-niche Clickbank site about a month ago.
So it's clearly not a old domain. It shouldn't be that hard to rank since
it dosen't have lot of competition (hence micro-niche). Since I'm a beginner I
outsource many of my tasks and focus on the things that I can. Bought a SEO
package that seemed legit here on BHW and here whats happend.

3 Days ago my page was on Page 3
2 Days ago my page was on Page 2
Yesterday my page was on Page 1 for a moment, then jumped to page 4, 3 and then Nowehere. FML.
Now when I search I don't find it. If I search for the keyword within quotations it's on the second page.

I'm wondering if this is a famous "Google Dance" or if I was too quick with the SEO stuff, considering my
page was fresh and that I got penalized. I'm not complaining, if it's lost I learn from it and either repair it
or starting something new. Just want to have some of the "pros" opinion on this.

You should give it some time, it could be google dance, allow another week or two to determine if it sand-box. But i don't think it is penalized.

You need to wait for some days to get final ranking position for your site. Try deleting your cookies for Google and search it again, it may give you different results.

I'm not a pro, but from my experience, it looks more like a dance that new sites have rather than any kind of penalty. I also find that sites that target small keywords in smaller niches actually fluctuate in rankings less than sites targeting the big keywords. Just keep building links in a natural way (use social bookmarks, some likes, tweets, shares, web 2.0 links with tons of url anchors and keep the exact anchor at 20% or so) and give it a week or two.

It it really is a dance, you will often see the ranking comes back than disappear again from time to time. But once it settles, it will have better position. Just my 2 cents And I'm waiting for the pros to chime in as well.

P.S: I recommend using Serpfox to track your ranking. It's really good and will show you how the ranking moves throughout the time (I'm no affiliate with them).

I think mozcast will serve as a guide to know if there are some major changes in G's algorithm.