I went out to have a cigarette with my brother at about 7:50pm. We were talking and I noticed a bright white star like object in the South West sky at about 33 degrees above the horizon. I saw it start to move thinking it may be a jet. As we kept watching the object kept moving from the SW to NE. We did not observe any strobe lights or hear any engine noise. We both noticed the object wobble and descend. Then the object started to come towards our direction still descending. The object stopped then immediately shot up in continued altitude and the light became red, pink then went out and changed back to red as it went out of distance in a great climb in altitude.