I observed a very bright white light in the sky which remained stationary for the 10 minutes i was watching it. i then looked at it with field glasses and thought i saw a small red light on its right side. then it suddenly began to move south easterly, stopping much closer to me in the eastern sky. while observing, the light suddenly went out and i couldn't see it any more. it didn't return, and i haven't seen it since. while it was in its original position, i observed several planes passing it, but mostly a little lower in the sky.