Any chance the disk drive is full where your picture cache is stored? Have you looked in there to see if there are any files at all?

Disk drive is not anywhere near full. The picture cache file is empty. I emptied it per the discussion above. Could it have something to do with the color scheme? Maybe it is recalculating the waveforms but using a color the same as the clip background?

Try changing colors in the Inspector and see what happens.

Inspector? Do you mean Edit/Preferences/colors? Which color, "waveform Preview"? and/or Recording waqveform preview?
 

I changed the color for the waveform preview, saved it, exited Sonar and reopened Sonar. opened the project and the waveforms were not there. I did the recalculation of the wave form, but it still does not appear. And there is still nothing in the Picture Cache file. I guess for some reason, it is not creating the waveform picture?

I just fixed it. The Presets in the Edit/Preferences/Customization/colors tab was blank. I changed that to normal and the waveforms appeared. Don't know how that could have changed. I guess I'm back in business for now. Thank you ev everyone who responded. Cakewalk users are awesome!