Bright diamond-oval, low in night sky with multi-color, rotating red, green & white lights and erratic movements.My roommate was walking outside at about 10:35PM, when suddenly she saw, going from West to East, what at first she thought might be a meteor, then thought it might be a plane crashing. She soon realized that it was neither because it quickly went back and forth, up and down, and at one point straight up. After watching it for about 5 minutes, she told me to come outside and look up in the sky, and I saw it too.The object appeared to be sort of a diamond-oval shape, low in the night sky. The lights, which were larger than plane lights, didn't flash-the object appeared to be rotating its red, green and white colors. Sometimes it moved very fast and it was also stationary once. It darted about only about 1/4 to 1/2 mile away from us and I believe it went as high as at least 1000 ft. I watched it for about two minutes, when it suddenly went in a downward direction and we didn't see it again.