There is nothing wrong and yes I do mean LVLCH. On departure, the aircraft is in Take Off mode. LVLCH selects selects climb power and accelerates the aircraft either to a speed manually entered or the one pre-selected in the the FMS. But please understand that if you departed with FMS speeds, the aircraft will not accelarate until either 2,500' or four miles has been flown, delending on the limit chosen.
PM