FCPX - Compound clip is Red and won't draw waveforms

I am trying to figure out how and why my compound clips won't draw the waveforms and the entire clip is red. I have a youtube show I edit and when I am finished I make the entire show a compound clip so I can mix the roles using audio lanes... That way I can bring all the sfx, music, VO, or production sounds up and down as a whole or keyframe each "lane". Does anybody have a solve for this? I have thrown away my pref holding down alt+command and clicking on fcpx to load it. I have thrown out all the peak files, I have waited and not touched fcpx while it re-draws all the waveforms. Nothing is offline.

I have tested a small sequence and it works..and redraws waveforms. I think my sequences are to complicated...or maybe long for fcpx...? Has anybody run into this and have a fix for it?

Thanks!!! Eric