I was on the north side of Tenerife, Spain facing west at 2130 local time on July 31, 2011 when I noticed a light that at first appeared to be an aircraft rapidly descending. After looking closer I noticed a flashing red light, a blue flame that appeared to be the color of a blue flame from a welding torch and a white light all from one vehicle.I am a former major airline pilot and estimate the postion of the event at:Latitude: 28.57ºN, 28º34'0"N. Longitude: 17.83ºW, 17º50'0"W approx 15-20 degrees above the horizon.I can also tell you that the speed at which the object moved indicated to me that it had to be moving at over 1200-2000 NM pr hr with changes in direction of at least 90 degrees in seconds. In my 21 plus years of flying all over the world in jets as a pilot I have never seen anything like this.I never did lose sight of the object and just got tired of watching it with another witness. The tow of us compared observations and we are in full agreement as to what we saw.I am 100% positive of what I saw and of the above description. I ahve never reported anything before and have never seen anything like this in my entire professional flying career as a major airlien pilot in the USAI now live outside the USA and can be reached at teh email address below.This is NOT some crackpot submission.I can be reached at the email referenced within this reportPlease include the following in the subject line of any email you send me:UFO sighting Tenerife