Just to clarify - what did you drop it into? Only asking, because it should come with its own separate measuring cylinder, so you take a sample of the beer in the cylinder and use that for measuring the gravity reading. Firstly it makes the reading easier to see, and secondly it prevents you infecting the beer. And thirdly, you get to drink the contents of the measuring cylinder afterwards, which a great education in what is going well/wrong with your beer. Sorry if that's obvious, but I have seen people drop the hydrometer directly into the fermenter before, so just checking.
I can't picture the bulb part of the hydro being above the water. Starting grav generally makes the hydro sink lower, but perhaps I'm missed something in the translation.
BTW - If you want to test your hydro, measure a cylinder of water and it should read 1.000.