Flashing blue and red light moving around in a circle of tiny white lights, kept going higher and higher up.Walking my small dog. Looked up at the sky out of boredom, saw a small patch of sky that looked a little lighter than the rest of the sky. Studied it for a second, realized it was around a flashing, moving (side to side and in a circle) blue and red (?) light surrounded by tiny, tiny white lights. Went inside, put away the dog, went back outside, it was still there but higher up. Went back inside, came out again with the dog. Dog wouldn't move from the porch so I left him there to look. The UFO was barely visible. It kept shrinking and shrinking.