Roound red ball that dripped then shot out of sight

A red dot in the sky cought my eye. as i watched it it seemed to be comming down slowly closer to the roof of the house across form me.  There was no noise.  I still thought it was a plane, but as it came closer I thought this is going to hit the house.
I watched as it grew from the size of a dot to a base ball and now was the size of a basket ball.  It was round and red.  It then stopped and hovered abouve the roof of the house.  I was standing at my fornt door .  I turned and yelled to my husbqand to come out.  When I turned around it was gone.  My hauband had joined me and we searched the sky for what I had seen.  Then I spoted to my right -high in the sky again looking no rarger than a golf ball.  It again was still -   Then I saw three drops taht would best be discribed as looking like wax dripping. Three drips.
Then the objuect shot straight up at a fantastice speed and was gone out of sight inless than a second.
My husband clearly saw the last part of this.
I am reporting this althought I have never reported it again because I have never heared of any one seeing such a thing and would very much like to know if anyone else has ever reported such an item in the sky.
I know it was very long ago but I remember it very clearly.
Witness indicates that the date of the incident is approximate.  PD