My wife, myself and some friends were coming into our town when witnessed what I wanted to call a Chinese lantern. It flew right over the car.I got a decent look at it from underneath and it was not flickering at all. The color was almost like a day glow/florescent red and the color moved like smoke within the red. We circled the block to get another look at it but by the time we got there, it was gone. It is my opinion that what we saw on the night of July 4th, was moving at a moderate speed and not at a floating speed such as what a Chinese lantern would exhibit.