I was picking up Thai take out at Thai restaurant when I noted a crowd on sidewalk pointing at sky to the south of restaurant, Out of curiosity went out to see what the crowd was looking at. Looked where crowd was pointing and saw small dark object with pulsating red light in center which was describing a random course in the sky ascending, descending and following an apparently random course.At first I thought local authorities had a new drone and were playing with it but observation of the physics of the course soon disabused me of this line of thought.Object would climb rapidly and descend like a falling leaf and after each ascent / descent would shift to the right approximately 5 degrees of arc, Eventually object 'faded' out of sight. It was impossible to determine object's altitude other than the heavy overcast appeared that day to be at approximately 8000FT ASL. Object may have been IN clouds due to 'fuzzy' edges and it's apparent 'fade out' after 15 minutes.Object made no sound but object was apparently distant but overcast made distance estimation difficult.There was a crowd of approximately 10-15 people outside watching the object until it faded from sight.Some details about the location 1 - It was apparently 'over' Franklin Falls Hydro plant #2