For the last week just before midnight there has been a rather large bright star but as watching from my front porch you could see it was changing colors of red to white. So tonight I took out small binoculars to see if it was actually changing colors or not. Thinking it may be a satellite. It was to my surprise it was changing colors but I couldn't make out a shape so I went and got a telescope. To my great surprise there was a large brightly color sphere. It was flashing bright colors of red and green and white like a diamond blast. As watching it the sphere began to bend itself almost at times inwardly. The colors would change from red to green. With the background white. It reminded me of a diamond with many faucets of color. I watched for and hour . I was on phone talking to someone and was describing what I was seeing in the telescope to them. This was between 12PM to 1AM. I went inside for about forty five minutes and when I returned at 2AM the object had either moved higher up or had dimmed itself to where I could no longer see it with the naked eye. The night before it had to be lower in attitude because this object was much larger then tonight and could been seen easily in the sky. Because there were no stars out that could been seen easily like it was again tonight and it stood out! But tonight it was smaller but still bright and still flashing red lights. This object I have seen here on several other occasions with another smaller star near it like in was blending into one another at times. Then the smaller one would fade out and could not be seen by the naked eye later. But the larger star as I saw tonight would stay. On these occasions I DIDNOT have binoculars or a telescope to observe closer. It was amazing to watch! I was not able to photograph or video tape this. My phone camera could not capture it from the distance and not able to take a photo through the telescope. I hope to do so the next time it appears which may be tomorrow night hopefully. I will try to draw it out but all I can say would be like magnifying a round diamond that was flashing its colors but at times more red and green and folding in on itself and making it changing its shape to almost no colors showing. AMAZING!