An X shaped object coming from south-west, hovering in sky and quickly left to the east.I was driving west on a main street through town, i noticed a large white light about 1 inch above the tree line to the left of me (south-west). As i continued driving i noticed the light did not appearto move in any direction, but was very large in comparision to the stars/planets (a size of a penny to the stars, which i would put as the size of a pin point). I drove several blocks and noticed it was moving in a slow, north/north-east direction, as i drove several more blocks it was now about one block to my south-west direction, about 100-150 feet above the houses in the area. I was at an intersection of a stop light turning south (towards object) with another car, who was also stariung at th eobject. At this close range i could see a definate shape,it was a "X or cross" shape with one set of "wings" larger then the other. One set glowed red under while the smallers set was white. At the tip of each "wing" was a white light. The other car was watching with me for about 45 seconds and then drove quickly away. I continued to watch the object which was almost stopped about 1/2 block directly in front of my car, still about 150 feet above the houses. I stopped to watch it, it hovered for roughly 1 minute and proceeded directly east at a medium speed. It seemed to be watching or looking at particular items.