At the bottom right side of the Bin window, there is a button for New Sequence and if you just drag your clip onto that, it will create a sequence to match the clip attributes.
Also, a Yellow bar does not mean "render needed", it means that the Mercury Engine will attempt realtime playback. If that can't keep up, then it would turn red and that would need a render.This link explains the colors and what they mean - http://blogs.adobe.com/premierepro/2011/02/red-yellow-and-green-render-bars.html
Safe Harbor Computers
The best that I could find caused the sequence to have a yellow render bar.
That's normal for a lot of formats. You can safely ignore it and continue working.