I was watching an episode of UFO Hunters on the History Channel. One of the sightings they were investigating was being debunked by the local authorities as nothing more than a Chinese Paper Lantern. The team team then launched a lattern for the witness to compare (the witness said what they saw was different). But what interested me is that the flight pattern of the lattern was almost exactly what I saw on Thanksgiving.
Basically what the lantern is, is a translucent paper bag (think minature hot air balloon) with a candle suspended inside. The candle heats the air up, ala a hot air balloon) and causes it to rise. Since the material is translucent, the light from the candle can be seen from the inside giving the object it's glow.
Below are two videos I found on YouTube of paper lanterns. You can see their construction before they are launched and as they fly, their flight charastics. Which is exactly the same thing I saw.
Even though I said before the object couldn't have been a balloon, I'm recanting my statement. I had no knowledge of a Chinese Paper Lantern. I though the only way it could have been a balloon was if someone had filled up a helieum balloon and hung a light from below. Given the fact that the night was Thanksgiving, and the lanterns are typically flown on holidays, most likely this was nothing more than someone launching a Chinese Paper Lantern. I'm not upset by this, as I am glad that I know what it was exactly and can now focus on other mysteries in the area.