Scroll the mouse wheel while holding the pointer over the track header.
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Also make sure that 'Show Audio Waveforms' checked. This is under the Timeline Display Settings (wrench icon).
This seems like a bug to me. My audio was doing the same thing. I imported a clip from an HD camera. Dragged it onto my sequence timeline and the audio showed as a solid blue bar.
I couldn't see my audio waveform until I took the yellow scrubber and dragged it back and forth across the whole sequence. Then the audio wave started to appear. It was very confusing because I had one other camera clip on the audio track below this one and it showed fine.
Then, it still disappears while playing, but shows while its paused...very odd.
My fix was to
1. Alt+Click the audio portion of the clip to select just the audio.
2. Go to Clip>Audio Options>Audio Gain
3. HIt ok, Premiere then rendered my audio properly....odd. BTW, this clip was captured by premiere, so rendering audio wasn't an option. But as soon as I went to the audio options, it suddenly built the waveform peaks.
Be sure Automatic peak file generation is checked under Edit>Preferences>Audio...
Thanks for the reply Jim.I did have that option checked. That was my first thought as well... Do you think it could be a memory issue? I say that because the HD file didn't render until I scrubbed across it, but the smaller video clip did render. (2gb clip vrs 11 gb clip.)
Unlikely a memory issue. Could be something just went wrong with that one clip and clearing the Cache might have fixed it.