Spotted very bright (brighter than Venus or Sirius) light 12 degrees above the Northeast horizon that was mostly stationary for approximately 2 hours. There was however some movement detected by eye as well as through good 8x32 Barska binoculars. A red light was flashing alternating with another color that was more difficult to define...possibly light green. Witnessed by myself as well as my wife. Sky was very clear. The object was too distant to determine a shape. The movement was easy to see but was quite limited in extent. It basically hovered in the same spot for 2 hours at which point I gave up trying to determine what it was. Of note I text messaged a male Operating room nurse that I work with and he confirmed and gave the same description as me. It was roughly near where Capella in Auriga would be looking from Tahlequah, Oklahoma, but was not Capella!! I have 27 years of experience looking at Capella from Tahlequah and this was much, much brighter, with a flashing red light. Of note it made the local news but my wife said the recording cut off and she therefore did not catch any details except that someone did videotape the object in the Northeast. The object rose to about 20 degrees above the horizon for a while (2 fist widths at arm's length).