Offizieller Kommentar
@Rick > When you have two songs being played at the same time, their waveforms can sum and actually spike MUCH higher than simply the combined volume of the two songs (which would be higher anyhow), or they can invert and cancel each-other out, making the monitored level much lower.
The channel levels indicate the incoming track level (pre-fader), the master indicates the level everything being sent to the master output post-master knob.
I don't see anything as being wrong with the way this is performing - it's perfectly normal.