I have witnessed this twice, 1st time was about a week and 1/2 before the reported sighting (2nd) sighting. I stepped out back door to have a cigarette and noticed an odd light blinking various colors. I thought it might be a helicopter at first, but was too high in the sky to be a helicopter. I went back inside and grabbed binoculars. Observed object thru binos. It turned various colors. The first time I saw it, was around 2am PST or a little later. It hovered for around 8 min or so and slowly dropped below the roof of the distant house. (Please note, the backyard here butts up to the entry way into the complex so the distant house is around 100ft away.) Tonight was the same this, except it was over the house to the left of the first house. I tried to get a picture but SD card wasn't working. This time it was the same thing. It lasted about 5 min before disappearing. The object appears to be way off in the distance, probably more than 10 miles or so. My feelings were that of curiosity. I lost sight of object both times when it dipped behind roofs of distant houses.