Join Date: May 2005
Location: La La Land (We love it!)
Bikes: Gilmour road, Curtlo road; both steel (of course)
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The wobble is because there is a small amount of spacing in the bearings to allow them to rotate freely. As that space articulates (great word, no?) around the axle the freehub/cluster shifts position slightly.
As long as it does not affect your shifting it is not a problem.
Today, I believe my jurisdiction ends here...