High in the daylight sky, a stationary oval object with a white light surounded by four colored lights

I was about 11 years old and a neighbor friend came to my house and asked me to come outside and see something. Outside, directly overhead in a daylit, clear blue sky was an oval shaped object, silver in color, very high up. I'm not sure exactly but it seemed to be lower than jets fly but a lot higher that small planes are seen. It made no sound and did not move in a horizontal plane. It had a large white light in it's center with four smaller colored lights around it. The white light would come on and off very slowly, once every few seconds. While the white light was off a colored light would come on and then turn off as the white light came back on. The colored lights came on in a repeating sequence around the center light. We watched it for about 30 minutes and saw that it got somewhat larger and then smaller as if it were moving slowly up and down but never side to side. We went into the house for a few minutes and when we came back out it was gone.
Date is approximate.  If the object was not a large helium-filled balloon, which are sometimes launched over the southwestern U. S., then we do not have any idea as to what the object was.  PD