UFO had kaleidoscope of colors fading into each other, it hovered for about two minutes and took off with unimaginable speed.

This happened years ago, but it is something that I will never forget. I was about 19 years old at the time. My boyfriend (at that time) and I were sitting inside the car in front of my mother's house talking. It was dark outside and we had not been drinking and did not do drugs. It was probably between the hours of 8:30-9:30 PM. In the sky there was an object with lights that I have never seen on any airplane, helicopter, or anything else for that matter. The lights were like those that you would see on a kaleidoscope. The lights faded in and out of each other, kinda like they were blending into each other as the lights chased around the UFO. The craft hovered in one spot, I didn't notice any movement at all. I have never seen any aircraft stand so still in mid- air. This lasted for about a couple of minutes, and then the object took off with a speed that I have never seen. It was there one second and gone the next, If I would have blinked I would have missed it take off.
There was no sound at all. I remember going inside to watch the 10:00 news to see if anything would be on there about the incident, there wasn't.
Date is approximate.  We have assigned an arbitrary date in 1992, so that the report will sort to that year.  PD