We have just released an update to Trace Parser with a lot of bug fixes. You can get it off from Partner Source or Customer Source. If you have any issues, you can contact me through the blog and I will do my best to help you. If you have any feedback we will be releasing an Update 3 so please send it in.

https://mbs.microsoft.com/customersource/downloads/servicepacks/ax_traceparser.htm?printpage=false&stext=traceparser