Red light moving in odd manner over Hammond, INI was picking someone up from a meeting, and was talking to someone else when someone drew our attention to the north sky about 35 degrees off the horizon. A red light, moving straight but irregularly and not fast. It was pinkish red and was pulsating and fading irregularly. It got to a point where it stopped and hovered for about 30 seconds after having moved in a way at neither rotorcraft or fixed wing craft move. It seemed to be just below the cloud cover which was high, and likely too high to Be anything radio controlled. After hovering it moved due north and eventually faded out of sight. 5 or six people with me saw this, and were alarmed. I got video but it's far off and not too stable.