I was out walking my dog just before midnight. The sky was clear and the stars were unusually bright. As I was looking up at the sky, I noticed and extremely bright star. It first appeared to be round with beams of light emitted from it in bright white (as one would envision the Christmas star). It was the only star that bright, all the others were "normal". After almost half a minute of keeping an eye on just that "star", I noticed that the rays it produced were only forming on the top half of the orb. Looking closer, I noticed that it was not just white with a hint of blue. Two different shades of blue were present with flashes of red and green. When a flash ended, the space it had been in was more amber than yellow or white. I thought, even at this point, my eyes were playing tricks on me. So, I waited and thought I saw it move up then down. The dog started pulling on his leash, so I went inside. About 10 minuets later, I decided that I wanted to take another look and headed back outside. It was sill there, and the color activity was more intense. The shape was more disc like, but I could not see the actual bottom. It looked like the light illuminated the outline of the top of the disc, with the light being emitted from the top. Now when the colors appeared, they ran from left to right along the rim of the disc, and came one after the other. One color would get just past the middle of the object and another would begin it's trip around. Again, I thought I noticed movement, so I purposely stepped into an area where there were low tree branches. Since there was no wind, I could use this vantage point as a marker to see if there really was movement. The object swayed left to right, like it was in a hammock. Then it traveled up from below a branch to well above it, then back down, not going fast and never going back to the exact same space. I knew this was not me moving as I had sat down in a chair to be sure to be steady and not rock or sway as I stood looking up. I stood watching it become more mobile for 5 minuets more then headed inside for 5 minuets. When I went back outside to check on it again, it was further south than it had been. Very little light activity was happening at this point, and the swaying had stopped. I immediately came in to report this. Something very similar happened South of us two months ago and my husband saw it with me. I believe it is the same object.