Standard Cross Fade Transition Missing?

Greetings,

I just did a full clean system install to El Capitan and FCPX 10.2.2 on my MacBook Pro (Retina, 15-inch, Late 2013). When I started a new timeline in FCPX I went to add the standard cross fade transition between clips which doesn't seem to be working as it goes straight to black. At a closer look the default transition said "Audio Fade"? I can no longer find the standard video crossfade in the "dissolves" folder in transition window so am now stuck on trying to figure out what happened?

Any help is much appreciated! Thanks