bright orange saucer went from stationary, dropped and then shot back up in a v motion then disappeared.

I was probably in 9th or 10th grade, I was laying on my back on the floor in our living room talking on the phone staring out the slinding glass door up into the sky. It was very dark, I don't remember if there were stars or if the sky was clear.  
There was a very bright orange saucer shaped object very high up in the sky.  It was stationary for about 30 seconds and then it dropped down very quickly and then shot back up at a V and disappeared.  I've never seen anything like it again and have always wondered what it could have been.  
The strangest part was that it went from stationary and then dropped and shot back up so quickly at an angle.  It couldn't have been an airplane, or any other type of aircraft I've ever seen, and it was definately not a shooting star, etc.
Witness indicates that date of sighting is approximate.  PD