It was called the Jog -Shuttle Wheel ...and it is no longer part of Premiere as of CS6
So they took it out and didn't replace it with anything?
What are you meant to do when you have a really long clip and you want to just move small amounts but more than frame by frame? The normal pointer is nowhere near delicate enough. Also, sometimes i want to quickly scan through a clip to find what i want, the Jog -Shuttle Wheel let you do this showing each frame but dragging the main pointer is really jurky and skips frames.
You can use J-K-L (J and L are accelerators when toggled)
You can hover your cursor on either Monitor and use the scroll wheel.
Fantastic, that was exactly what i was looking for.