as close as a telephone pole

My friend and I were laying out looking at the stars. The radio was on and there had been several calls reporting ufo sightings to the radio, in the distance approximantly 5 miles away you could see an object with lights going around the edge, I watched it and as it was traveling across and not directly toward us I ran down the street to intercept it as I got to the corner it was directly above me, hovered,  I was the distance of a telephone pole above my head, it made no noise, lights of all different colors flashed around it, then I blinked and it was like a mile away, still no sound.  
This was a long time ago, and this is the best I can remember, I never forgot it, I was right under the thing.  It was about cars with across, saucer shaped , and beautiful colored lights.