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Default Jumping callout shapes in a chart

Excel 2007. I'm trying to insert callout shapes into charts. I've used Line
Callout 1 (accent bar) and Line Callout 1. I put put them in the right
margin between the chart border and the plot area. Then I grab the yellow
diamond resize/move handle on the callout arrow head and drag it to point to
a place on the chart.
It doesn't matter where I point the callout to--as soon as I release the
mouse to complete the move, the callout jumps straight down, about an inch
below where it was (and where I want it to be).
Everything works fine as long as I use a two-step process to point the
callout: 1) do the pointing and 2) move the callout back to the location on
the chart where I want it.
I have the chart selected before I insert the shape, and I've tried various
settings for the callout (Object positioning Size With Chart and Do Not Size
with Chart), but the settings make no difference. I've also tried all the
Snap to Grid options and they don't seem to make any differenced in the shape
jumping either.

Any ideas?
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