My guess is it was a drone or a remote control airplane. It was dark so I could only see its lights. It had rapidly flashing red and blue lights and I witnessed it slowly descend vertically and then it ascended, hovered for a while, and then it started making moves and loops like it was on a roller coaster.
I tried to video it but in the dark nothing showed up. I am pretty sure I caught a glimpse of it again around 11 PM earlier this week. It appeared that the drone, remote control airplane, whatever it was, was flying above the area north of Stanley and just east of Valley.
I found the below police drone video on YouTube. It was far enough away that in the dark all I could see were the flashing red and blue lights, but close up I think it would have looked like this:
I'm curious if anyone else has noticed it?