>What am I missing
More information, so people don't have to guess when answering
-Information FAQ http://forums.adobe.com/message/4200840
-Effective questions http://forums.adobe.com/thread/416679
-How to get help quickly http://forums.adobe.com/thread/419406
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Does your sequence match your video?
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Please NOTE that the PPro CS6 screen may look a bit different (I use CS5)
For CS5 and later, the easy way to insure that your video and your project match
See 2nd post for picture of NEW ITEM process http://forums.adobe.com/thread/872666
-and a FAQ on sequence setting http://forums.adobe.com/message/3804341
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When your project sequence is correct, you will not see a red line over your timeline
at first import, before you do anything to the video