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I see keywords I'm clearing bidding #1 on...but in the PPC SERP's I'm #4...then some keywords I'm bidding in the 3 spot (in the Direct Traffic manager)...but I'm #1 in the PPC SERP's.
I suppose they've launched panama, or maybe they are just testing.
Either Yahoo has changed....or they are experimenting right now.
On the other hand, I've seen this behavior for years. For some KWs the top one or two positions are never listed in the bid tool but are occupied by some big companies--expedia, etc. I think there is some program for the super huge spenders where they are just on top of and outside of the regular system that we mortals deal with.