On March 14, 2009 at 5:23pm, approximately, I went outside to stretch my legs after having watched a movie. I try to always bring my binoculars with me when I go outside and just walk around.It had been cloudy earlier in the day but had changed to sparse clouds by 5:00pm.I noticed a plane to the NE that appeared to be traveling NNE at began looking through my binoculars (10x50). The plane appeared to be a 727 or some other commercial jet, but the most unusual thing was that the body was pink w/ white wings. It wasn't extremely high altitude, maybe 20,000ft or so. Due to its strange color I watched it for about 15 seconds when suddenly a white or reflective (since the sun was behind me to the west) spherical object moved past the plane, appeared to quickly loop around it, stopped for about 6 seconds, and then moved into a nearby cloud. I left looking at the plane to look at where the object moved into the cloud. It appeared again out of the cloud, moved sideways for about 5 seconds, then entered another spot in the same cloud. I continued to watch for 15 more seconds but it did not appear again.1. The object appeared to be near the plane and had looped behind the plane at one point. 2. The plane was at a distance and high altitude.3. At the previously mentioned distance, the object appeared to be about the size of one of the jet engines.4. Appeared to be moving faster than the plane.