On may 6th between the hours of 12:00-1:00 a.m. I was laying in bed watching t.v. I noticed out of my bedroom window a ball of light that was gradualy changing colors. The colors were orange,red, and white. The object seemed to stay white for the most part. The object was close enough for me to hear if it made any sounds but it was dead silent. The object stayed at a consistent altitude and moving at a steady rate of speed. The weather was calm, almost no wind and just about no cloud cover. I started to think that maybe it was a chinese lantern. Ive never been around one but im pretty sure they dont change color and are as big as the object i saw. I kinda lost view of the object because of a tree by my home. To be honest i really didnt think it was a UFO from outerspace, and like i said the first thing that crossed my mind was the chinese lantern. BUT shortly after i lost track of the object 2 jet fighters went flying by coming from the north west in the same direction the object was heading. These jets were pretty low traveling at a good rate of speed. It was dark out so i couldnt tell what type of jets they were. All i saw was a red light on each of the jets and one was behind the other and off to the side. I can tell you that there is a airforce base in niagara falls that isnt to far away, maybe a hour or so. And i dont know for sure how much activity goes on at the base. As long as i lived here in western ny i can honestly say ive never seen jets flying around till the morning of may 6th. So after seeing the jets it made me think that the obect wasnt a lantern or weather balloon. I have the sighting on video taken on my i phone, you cant see the jet fighters but you can hear them loud and clear on the video.