I'm trying to improve the performance of my workbooks. I'm doing some testing on volatility on 1 sheet at the moment.
I'm using XL2002.
I have Application.Calculation set to Manual.
I have all the worksheets in all the workbooks .EnableCalculate=False except 1 worksheet that I'm testing.

I have 4 workbooks open.
In workbook #1 on the worksheet I'm testing I have a cell that points to a cell in workbooks #2 and a cell that points to a cell in workbook #3 The formulas are:
=[Inventory.xls]T!MtgKey
='[Inventory Restock.xls]R'!MtgKey
Both MtgKey cells do not have formulas in them.

I save Workbook #4 and then run this macro inside Workbook #4 to time how long the sheet takes to calculate:
    Dim d1 As Double _
            , d2 As Double
    d1 = Timer
    Application.EnableEvents = False
    Application.Calculate
    Application.EnableEvents = True

    d2 = Timer
    Debug.Print d2 - d1
At that point 1 of the 2 cells recalculates, but not the other.
I then run the macro again and neither cell recalculates.

After saving Workbook #4 there are several cells that recalculate the 1st time I run the macro, but don't recalculate the 2nd time I run it. They all have formulas that have links to other workbooks, so I'm assuming that has something to do with why they recalculate after saving any workbook.

But why don't both of those cells recalculate?