It was a clear sunny day and i was sitting on my 3rd floor balcony watching planes coming in for landing. my apt. is in the approach flight path and i was watching with binoculars to identify various flights. i looked straight up and saw white dots and thought they were sky divers but only one descended part way down and then just hung in the sky not moving. i looked for the others to descend but they remained in place. then i saw a little larger white dot and it also just hung in place. using my binoculars i looked back over to the one that descended and it was still in place. through the glasses the object looked a little like a parachute with something white attached below it but i could not quite define what it was. looking back up at the larger object with my glasses i could see a wide bright neon-like red light and above the red was a bright white light, but both were under the body of the object. nothing was moving. as i continued to watch the other smaller objects formed a circle and then disappeared. i looked back again for the descended object but it was gone also. back to watching the larger object again it began to slowly move in a straight line until it moved over the roof of my building and i lost sight of it. i must stress the objects were very high in the sky so i think they must have been very large for me to pick out such detail with my binoculars.The glasses specs are 7x35, wide angle, field 10 degrees, 525 ft at 1000 yds. i have been interested in ufos and have followed the movement for years, attending several conferences and mufon meetings locally and as i was assimilating everything i was seeing i felt certain it was some sort of ufo because it was not something recognizable by the general public.