I get a paranormal news email each month, and it sounds like the same thing they were seeing in Australia last month where a lot of people reported seeing a bright red light that seemed to float slowly over the sky before abruptly disappearing. There was also a similar report in Nova Scotia according to HBCC's UFO research group.

What it really is, is a UFO by it's definition, an unidentified flying object. As for aliens, I'd like to think so, but most people deny their existence so I digress.