FOLLOWING INFORMATION BY TIME..1123pm I was outside with the dog, on side porch1125pm A very clear evening and looking around noticed a very bright star like orb in the NE , size of a pen end.at first I thought it was a pulsating star, but in further observation it was different.1125pm A red light came on on the east side of the starlike orb just for a few seconds and then off1128 A brilliant blue flash from the bottom of the object to the west side of the object and it never came on again1133 pm One more red flash and the object changed elevation close to a 50 to 100 foot drop.1137 the object began to get smaller and smaller and finally disappearedThe sky was clear, visibility 10 miles and temperature at that time was 52 degrees.I do live in the country, very familiar with the aircraft in the area, and no obstructions in the observation.I am retired and a FI with MUFON for a number of years.