really simple question here

Double click on it to preview it in the Viewer (default top left window). Go to the motion tab and there should be an opacity option there.
 
lol, there it is!!!!! I played with it in the past but couldn't for the life of me find it again.... I'm still such a newb... : (
 
Also you can hit option "w" which will bring up a black across your video clips in the timeline that can be moved up and down to adjust opactiy.
 
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