A small,brilliant light low in the sky, when observed thru binoculars was seen to have a shimmering,unstable quality. Slowly drifted diagonally toward horizon. After 5 or 10 min. it grew transparent and finally vanished.(I already reported this to CO Mufon who were intrigued.) Before sunrise on Xmas eve I was talking on phone with a relative when a small but brilliant light, low in the south-eastern sky caught my attention. It did not seem to move and after a few minutes I reached for binoculars (always at hand for bird-watching) and continued talking while gazing at the object. It was the size of a large comet but flattish on bottom and rounded on top, with not-quite-sharply-defined edges. It wavered and shimmered like something seen through heated air. It was quite beautiful: my subjective reaction. I am in my 60's, have spent much time gawking at the skies, but have never seen anything comparable. It was absolutely not a cloud, nor a flock of birds. After 10 minutes or so it had drifted below the level of the telephone wires across the road (I must add that this object seemed several miles away, tho hard to estimate.) and very slowly grew evanescent, transparent, invisible, maintaining its exact cohesive shape until the end. My opinion for what it's worth is that I witnessed a transition from one vibrational phase to another.