Saucer with bright lights, then spiky halo in colors, over Cook Inlet, Anchorage.A disk with a couple of bright lights, "sitting" on the sky, just exactly where planes turn around the Cook Inlet. When I went outside to look at it from the balcony, it changed in illumination and color, showing like a spiky halo around it. Each spike was blue towards the middle, with tips/ends. It was alternating this shape with the saucer-like with a couple or three bright lights. It was not windy, so it was not an airplane on a stall position. I observed it for about 5 minutes outside. When I went back in, it was still there.((NUFORC Note: Witness elects to remain semi-anonymous; provides no contact information. PD))