I can go into trimming your video in the Preview Windows with its Set In and Set Out points, but I am guessing what you are looking for is the scissors tool (aka Split Clip Tool).
Are you in the Expert workspace or Quick workspace of Premiere Elements 11 (on Windows or Mac - what computer operating system?)
Assuming Premiere Elements 11 Windows for now....
In the Expert workspace, look at the Timeline Indicator (with its red vertical thin stem and its blue head). Mid way down that stem is a tab with scissors icon. Move that Timeline Indicator to the place where you want to make the cut in the selected clip, and click on the scissors tab. If you want a shortcut for the Timeline cut (after you have move the Timeline to the spot for the cut), use Ctrl + K (Windows).
Please let us know if the above targeted your question.
Thank you. That did it. I never would have known to look there.
Thanks for the follow up with the good news.
Same situation as in Premiere Elements 12, including the shortcut Ctrl + K.