One evening in cape coral my friend and I were riding our bikes to another friends. We had just left the 7/11 off of Tropicana and Chiquita right by mariner high school and by time we got on the backstreets by some canal I looked in the sky to my left and there it was hovering staying still shining in red very bright, I figured it was one of the signal tower things cause it was about 200-300 feet of the ground until the light changed blue,and continued to change from red to blue every 3-5 seconds and began going up, down, and side to side. I was speechless I didn't know what to do or say besides ask my friend if he was seeing this too. We sat terrified yet so interested and observed it as it continued doing the up, down, side to side pattern and out of nowhere it hovers, seemed as if it was floating at the highest speed ive ever seen right out of our atmosphere back into space.