I wanted to apply a gamma effect to an entire sequence. I nested the sequence and opened it in the timeline. I cant get the gamma effect to apply. It seems to drag and drop to the timeline with no problems. When I open the effects tab there is nothing there. Am I missing something here?

Try nesting the sequence, right click on the nested sequence and select "Open in Viewer" and drag the effect into the Effects tab there.

I had the same question... thanks for the response. :)