I'm watching a tutorial on the new brokerage company I joined, Genesis Securities. Right now I"m trying to get the NYOB to work by watching the tutorials. Here is what is said. "Keep in mind that this is not a complete book as it completely depends on how much the specialist wants to display" - i never knew that... so if there's a big order and he doesn't feel like displaying it, he doesn't have to?
The specialist or a floor broker may post "reserve liquidity" orders into NYSE Display Book. Take a look at: http://www.nyse.com/pdfs/hm_booklet.pdf
They show what they want to show you. If you understand that principle fully you will get an edge when others see noise or an impossible to trade market.