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Could it be the moon and the stars ??? CAUSE THATS WHAT IT LOOKED LIKE TO MEEEEE..
the object appears to be moving oddly, but unfortunately the film remains zoomed way too long to be able to judge the movement. red and blue lights are similar to commuter flight requirements, but erratic movement would rule out a commuter plane of any sort. original poster, please provide some details of the whole affair?
Helium balloon(s) with flashing LED lights inside.<br /><br />http://www.youtube.com/watch?v=pw8WovNeAB4