At 9 pm in delray beach i was walking with my associate from the car to his apartment.My view of the sky would have been to the north east, i noticed what looked at first like an airplane floodlight, rapidly approach and grow in size.I thought maybe it was a firework except that it was descending. as it quickly was approaching my position it was trailing ,and i know how this sounds,a freakin rainbow behind it. i dont mean a banner or some sort of pyrotechnic it was a full spectrum rainbow.It looked like when the enterprise would go into warp on star trek. meanwhile the light is getting bigger and closer. i urge my buddy to turn around because he's getting out his keys and looking down. he turns and sees the object utters a curious grunt and then it just blanks out . i mean nothing black sky.Now there was a slight haze at ground level last night but the sky was crystal clear. so now im thinking cool that must have been a meteor and the rainbow must have been just the intense white light generated by atmospheric entry must have refracted the light etc etc etc and then ....The thing re-emerges what appeared to be a a good 5-10 miles south on an upward vector! and i mean it just blew out there. now im fairly well versed on the subjects of aviation rocketry,atmospheric phenomena rocketry,atmospheric phenomena ,geology, physics, etc etc.I do not know what i saw but i can tell you what it wasnt. it was not a balloon, an airplane a blimp or a flare. it was not a helicopter nor a decoy flare.I dont think it was a meteor, unless after what appeared to be deep atmospheric penetration the pressure built up, cooled off the object bounced it back out into space and reheated it up so it would once again emit a rainbow glow?After it flew out of sight literally stood there frozen.The whole event lasted 45 second which was an eternity.I cant believe i didnt take out my i phone.Here is my conclusion... i have no idea what i saw. i could speculate all day but that would be ridiculous.Surprisingly i checked the webb and have seen nothing reported. maybe you guys can figure it out.