this is a valid sighting

I was laying on my back looking at the sky.My friend Bill was doing the same.It flew over us at a low level.Seemed like it was only 2 or 3 hundred feet up.The shape was ovoid,longer than wide.It had no discernable color,but seemed darkly irridescent.Underneath I could plainly see rippling vibrations on both sides of it.I jumped up and said to my friend,"Did you see that?"It had come from an easterly direction,and was gone far to the west, but was still visible,very quickly.WE both observed it at that point move diagonally in the sky,and in other directions,but always in a straight line.It stood still also.It vanished like it flew off at a very high rate of speed.It reappeared briefly,then it was gone again.THis happened over twenty years ago,but is fresh in my memory.