I had the same thing happen to me recently, but my rod just kept going, it was actually snatched away by a Pteradactile that grabbed my fly. The fly was a baitfish imitation, and I guess the damned thing looked too good to leave alone!! I jumped in my X-wing to try and catch it, but the reptile was just to tricky and fast for me!! Oh well, now I look overhead before each cast to avoid this happening again.