I was going fishing friday morning and left at 5:40 am. i saw what at first i thought was a falling star. it then stopped and hovered in the sky directly what appeared above the hospital only further up. i watched and was able to see it pulsating lights, a white, red, and a greenish blue color. i watched it as i walked toward downtown. it seemed to hover upward for a bit and i thought it might be an optical illusion so i stopped and rested my gaze with it just above a telephone pole. the distance did increase between the top of the pole and the object. at appx 6:05 am the lights and object seemed to just go out, like turning off a light switch. sunrise was a few minutes away and it seemed to disappear.