Cursor with Diamond Symbol???

I’m trying to program some drums for a new song. When I went to hit my X-tra Keys Macro for the key command repeat, my cursor added a diamond to it and stopped functioning. If it’s off an event it turns into the pencil tool. When it selects and event it turns back into that arrow but with a diamond attached. I don’t know how to get rid of it and I don’t know what it is or means. Cany anyone help me with this, it’s VERY annoying?