As it turns out, that cam movement (for both of them!) is normal.
After putting the new Crankshaft gear back on and timing it correctly, I discovered that indeed, it was a solid 2 teeth off because of the internal splines on the gear being laid over. Glad Volvo thought enough to make the crankshaft ...

Here is what I am talking about with the camshaft sprocket movement without the cam moving at all. A VIDEO link:


https://drive.google.com/open?id=1gU3aF ... Mq1Ync2LR0

Yeah, I'll have to get a new gear. I think it will take some serious pounding to get THAT one back on. I don't see how it could have moved either way. And it did not loosen up as it came off. It was a pain and took full pulling pressure all the way to the end release!
Interestingly, the intake blue ...

Update: compression test: 90psi on all 5 cylinders.
The crankshaft sprocket was hell to removed. I had 2 different PosiLock pullers to get it off with my air gun. I don't see how it could every move! But it is off now. Here are the pics. Maybe a new lower crank sprocket will fix this.
Btw, the ...

Thanks, Roger. in fact, the bolt was MISSING from the crankshaft when I went to check timing. I replaced it. But i didn't pull the lower gear off to examine it closely. It sounds like a compression check should be in order. I will tackle that tomorrow and report back. Thanks.

2004 XC90, 136K miles. 2.5 turbo engine
Situation : Loss of power slowly for the past month. Intermittent poor idle was solved with a new Throttle Body. Check Engine light was still coming on. Finally, gutless until it just dies at 10mph and rolls to a stop. No more restarting. It turns over fine ...

Thanks for asking, mrbrian. I haven't done a thing. This is just what I found so far. And if the cams are that far off, it makes me assume that the valves are likely already bashed. Sad. Thoughts? Thanks.

Sorry about that. This is WHAT I FOUND. I haven't done a darn thing yet. I was just perplexed how it appears the cams could be so far out of time. AND, if they are this far out, likely I have smashed some valves. That's all. Thoughts?

Update time. I finally got a crankshaft nut from Volvo and have dived back in. First things first: Check those timing marks! Well, the front cam lines up nicely and the back cam ain't near it at all! Is this a problem? I don't EVEN want to continue if we have blasted the valves because something ...

I sure did say the nut was missing! And it has run fine for the last 2 years. When I went to confirm the timing marks was when I discovered it gone! Normally, I do my own TB and other things. But I was out of state for a year and told the wife to take it to the dealer since it was due and we PAID to ...