Yellow, orange, and red flashing light staying stationary in sky then traveling east.

Looking south from a 3rd story window, the sun still hadn't gone completely down so there were no starts out yet, I initially saw an extremely bright flashing light light altering from red to yellow to orange.  It was stationary in the sky.  We observed for about two minutes.  
I called my roommates and neighbors over to show them, about 30 seconds after everyone began observing it, it started traveling east then began to fade out to the point it was no longer visible.