I was walking home from the Library at North Texas State University after the Library closed. From a distance, I saw a large red glowing light near my apartment.

As I got closer, I thought it was actually a new sign over the local convient store.  When I got under the large glowing light, I realized for the first time it was not supported by any pole.  I could not figure out how store could do that. The light made no sound and did not move.  I moved away from the store to look for some form of support.  It was not more than 10-20 feet above the store.   I was the only one out at that time.  As I was watching the light, it finally dawned on me that it was not supported and in fact it was flying on its own.  A guy in a truck came around the corner and pulled over to see it as well.  I asked him to observe independently and not speak to me.  We would exchange phone numbers and write our own description of what we saw.  We would get in touch with each other the next day and go to the authorities.  He agreed.  As we both stood there, the light without any noise moved laterally from the store directly over both of us. I could not see any structure of any type.  Just a bright red light.  I picked up a rock to see if there was any structure there but I could not reach it by throwing the rock.  It moved laterally back over the store and then back over us.  Then in a flash it was gone through the universe leaving a bright red streak of light at a slight angle up.  It never made a sound of any type.  The guy got in his truck and refused to give me his number.  He said he was way to spooked to ever want to talk about this again.  When I got to my apartment, I told my roommate about what I had seen.  He said that that there had been sightings all night and people calling in on the radio talk shows.
 The next day in the Denton papers, the FAA said that they were using weather balloons and they were all accounted for and nothing else was in the sky that night.
The story died right there.  I know there is no balloon that can hover without moving, put out a blinding red light like that, move laterally and then shoot through the sky at the speed of light.
 I have never reported this to any publication of any kind since the guy took off.
Recently almost 34 years later in Stephenville, Texas there were multiple sightings and many of the witness who said they saw what they believed to be UFOs.  They were interviewed on Larry King and one description was exactly what I saw.  Stephenville is within 300 miles of Denton Texas.
Witness indicates that date of incident is approximate.  PD