I observed the UFO while sitting on my front porch with my brother. He didn't see it. It was red and about 30 miles east of me (that is an estimate). It hovered for about 2-3 minutes and then traveled very fast in an ESE direction. I do not believe it was a firework. Because of the hovering, and what would be the point of a firework that was just a red blob. Kinda boring for a firework. I estimate that it occurred over Blue Diamond because that is about 30 miles east of me. I, of course, was watching the fireworks, and was looking in the east direction and noticed the red glowing object. I didn't point it out because I thought, initially that it was a firework. As I continued to watch it just stayed stationary and by the time I decided that it couldn't be a firework, it was gone. I felt kind of blase about the whole thing, as I was watching it, and it was pretty far away, so...I thought to myself "Yep, I just saw a UFO". I lost sight of the object when it abruptly accelerated away from my line of sight in a ESE direction. The sky was black, there were no clouds. That's pretty much the long and the short of it.