While going in and out of my back patio to throw away garbage into our trash bin in the early morning hours, approximately 3:30 am about february 12th or close to it, a flashing light was seen in the southwest sky at a distance by my roommate. he casually stated that every time he sees flashing lights in the distance at night he has always wondered if they could be ufos. from the living room i told him that he's probably only seeing an airplane since we are near both the wright-patterson afb and because the dayton int'l airport is not far away. he replied that he did not think this was an airplane. so, i went out and took a look to see what it was he was seeing. after some careful observation it was obvious that this was not an airplane. at first i thought it might simply be a drone, but it stayed in one position, was jiggling over a tiny area in the sky, was flashing various colored lights, and was very slowly descending. there was no noise that i could notice. i went to get my binoculars and we both took turns looking at the object. it was difficult to determine just how far away it was, but considering my perception of its size it would seem that it was approximately two to three miles away, otherwise the object would have been immense. although we did not have a tripod for the binoculars we tried to be as still as possible so that we could get a clear look. despite our attempt to eliminate any and all jitter it seemed that the object itself was jittering because even when we compared it with other nearby stationary objects which we were able to keep clearly in view, the object itself was in fact jiggling around like a bug over a light. it jiggled up, down, left, right, around in circles, but only over a relatively small area. in fact we could only see the jiggling when we looked through the binoculars because with the naked eye it appeared to be hovering and stationary. we are confident that the jiggling was not caused by us because there were trees in a nearby view in the binoculars and we had the trees perfectly still in the sight, but the unidentified object was itself jiggling. for the sake of comparison, if i were to have extended my arm and placed the tip of my pinky finger over the object it would be seen to have jiggled around in an area only equal to the size of the tip of that finger. in other words, it was not jiggling around over the entire sky, it was only moving this way over a very very tiny area. it was also alternately flashing red, green, yellow, white, and orange lights, although i do not remember the sequence. we both watched it for about twenty minutes during which time it was slowly descending, all the while the lights continued flashing in various colors, and the object continued jiggling as it hovered. we both came to the conclusion that this was definitely not an airplane or helicopter because it remained hovering over one area for at least a half hour and made no noise. we also feel that it could not have been a drone due to its relative size. we have been searching the web over the past week to see if there were any other reports of this object but have not found any, to our disappointment. perhaps nobody else was awake at that hour and was not looking outside which means we were the only ones to witness this. we both mused that this must be an extraterrestrial craft of some sort and spent the remainder of our time awake discussing the possibility of life on other worlds, what it would be like to interact with an extraterrestrial entity, whether we'd ever seen a ufo before, and expressing a hope to see it again, but alas we have not. this is the first time in my life that i feel confident stating that i saw a ufo.