Crazy morphing UFO - Feb 9, 2014

First, you MUST watch the original video linked below before concluding anything. At first I wanted to say this is a balloon because it’s very easy to confuse a simple balloon with something more exotic. But if you watch the original (better definition) you see what at times looks like a string, except it’s not a string. Whatever it is looks more like a trail or a wisp of something trailing off the edges of this thing. Then, the brilliant flashes of color at times. The clincher-of-interest was the second ’c