I was standing on a mound near my summer cabin. I was walking my pet cat by a leash.What made me first notice the object, was that it was "bobbing" up and down, and coming up from the forest below the mound I was standing on, and came into my range of vision.When I first saw the object, I thought it was the tail of some animal with a white spot on the tail.The object then went up to a tree, and suddenly "jumped" up on a branch about 2 meters above the ground, and settled there. At this point I heard a "laughter", like a cackling loud laughter coming from its direction. I then thought it was a bird with a white spot on it.Then I witnessed the branch it was "sitting" on, breaking off at its base, and the thing was still sitting there.Then I got kind of scared.That was when I realized that it was just a sphere of white fur-like consistency, but the reason I say fur, is that it was "fuzzy" and unsharp to look at. It could just have been light, like a white ball-lightning.Then, the object paused for a few seconds, and shot off out across the nearby lake and disappeared from my view due to being so small that I could not see it anymore at the distance it reached in a matter of seconds. This is how I lost sight of it.