Bright starlike object near hovered horizon than ascended very fast.

I was invited by a friend to stay at a beach house about seven miles south of Half Moon Bay, California, early summer 1975. It was my first trip to california from the East Coast and I enjoyed watching the evening sunsets. The coast had been foggy for a couple of nights so on this particular night i sat on the beach with field glasses enjoying the ocean and approaching sunset. As the sun began to set i noticed a bright starlike object hovering near the horizon close to where the sun was setting. I took a look through the field glasses and noticed that the object seemed to be flikering much like a star but the center was dark. The object hovered for a time than suddenly began to ascend very fast. In short time it was out of view. The atmosphere seemed electric. I looked around to see if any one was on the beach with but i was alone. To this day i have no idea what i observed.
Date in June 1975 is approximate.  PD