In Flash Catalyst, Fade In and Fade Out have been combined into the more powerful (but perhaps a little more confusing) Fade transition. The Fade transition allows you to go between any two opacities.
A Fade from 0 to 100 is a Fade In.
A Fade from 100 to 0 is a Fade Out.
There is no good way to loop transitions in Catalyst, however, there is a workaround discussed in this faq thread. You will probably want to have a custom component with each quote in a different state. Then you can transition between states using the workaround from the faq thread.
I'm aware of what fading in and out means, as well as the fact that they are transitions... It's actually that I am having difficulty simply making it work. There are a series of 4 quotes from my company's clients: One quote should fade on screen, stay up for 10 seconds, fade off screen, ANOTHER quote fade on screen, stays up for 10 seconds, fades off, etc. for a total of four quotes (layers, pages, stages...whatever the technical term is). While I have fade transitions between these four "pages," they do not run seamlessly. One will fade on, fade off, the the next quote will fade on, and then another quote will flash on screen. Then it will just stop playing.
Am I going about this the wrong way? Is it possible for Flash Catalyst to fade in and out of layers for a seamless, 40 second video to be saved for the web? It's a banner for my company's website that will need to loop.
As I mentioned above, the best way to do this is to create a custom component with each of the quotes in different states. If you use the workaround in the FAQ, have the on video play complete set your custom component to the next state (state 2 if in state 1, state 3 if in state 2, state 4 if in state 3, state 1 if in state 4).
You can manage the fades in the state transitions between the custom component's states.