I walked outside onto my balcony, facing East, to smoke a cigarette at 12:45 PM with a another witness. I looked up to see the clear sky and my eye caught two jet planes flying on the same flight path really close together. I noticed one left a contrail while the other didn't display any condensation coming out the tail. The two aircraft were flying North East, towards Area 51. Within seconds of looking at this strange sight of two jets next to each other like that, I saw an orangish-red star-like object appear right in front of the aircraft, heading Southwest from the North East. The object appeared to fly slowly right in between the two aircraft, and then the aircraft continued to fly away as the object remained in the general location. The object then switched directions for only a few seconds, slowly moving back the direction it came, which was the same flight pattern of the aircraft. Seconds later it appeared to hover in place, appearing Orangish for a second and then flashing a reflection of sunlight and then disappear. A second later it would reappear in the same order, a solid orange looking star-like object, a second later into a reflective flash and then disappear. After about 3 minutes of this object hovering in one place, it slowly began to move Southeast to about 80 degrees above my balcony, where it appeared to stop and hover again. The pattern of the orange, reflective flash and disappearing didn't change but the timing of when this occurred fluctuated. It appeared as though the object had ascended to a higher altitude by the time it reached 80 degrees above me and hovered again. The object appeared to look a little smaller. From there, I leaned against a wall and used my roof as a measurement to the object in order to see if it was moving at all. It remained exactly in it's new 80 degree location for about 5 to 7 minutes. Approximately 10 minutes into the entire encounter, I noticed the object appeared to be ascending rapidly up into the sky. At first for about 10 seconds I could see the object getting smaller and smaller. The last second or two I could see the color and refection faintly zip upward into the sky and disappearing. I waited another couple minutes to see if the object would appear again and nothing more was seen.