Sometime during the mid to late 1970s, my brother and I were outside my parents house playing in the trees. From my parents house at this time, one could clearly see Loring AFB and several structures on the base including the arch hanger, radar tower, water towers etc. Hearing B-52s take off and land was common for us but we would normally watch them taking off. You could clearly see the black trail of smoke behind them. On this particular day, we heard jets flying but we knew they weren't B-52s, they sounded more like fighters and we were excited by the sounds they were making like when a jet banks at high speed and makes that screeching sound as they turn. So, we ran out from the woods to see the jets but we also saw what I can only compare to the red dot that a laser pointer creates, hovering over the base. The jets were flying towards this bright red object at a high rate of speed and as they approached the object it almost instantly moved from a stand still to a point at the opposite end of the base, a distance of probably 2 to 4 miles, and it made this movement in an instant and then came to a complete stop. The jets (now banking at the other end of the base) turned to go back towards the object again. This happened probably 2 or 3 times. This happened during the daylight hours but I'm not sure what time of day. We were only 8 or 9 years old at the time. Eventually the object either disappeared or flew off so fast that it was gone in an instant. The fact that this object started and stopped so suddenly was amazing. The jets appeared to be moving in slow motion compared to this object. That's it...we both remember this happening very clearly. I just watched an episode of 'Close Encounters:Examinde' on the SciFi channel which depicted this event or another one very similar to what we say. The only differences I could see were that on the tv show, the events all happened at night but it was definitely during the day when we saw it. We also only saw this on one occasion, not several like on the tv episode. Thanks for reading.