UFO Sighting in Port Arthur, Texas on November 30th 1980 – Hard to tell the color of the object..it only appeared circular and had multi colored lights

I am 46 years old and i reside in Port Arthur, Tx. In 1979 0r 1980 im thinking it was the month of December at around 8:30 pm after dark, my step father, Landry Duriso and i were driving east on 25th street toward 9th ave to a local grocery store called Weingarten. Midway on 25th st. between memorial blvd and 9th ave. on 25th we noticed several cars pulled over on the right side of the street headed east. Several people, Adults and children were standing outside their cars looking and pointing up. my step father then pulled over on the right side as well to see what was going on. And as we step out our car to my amazement was to most extraordinary thing i have ever witnessed. Hovering over a neighborhood of homes on the right side of the road was this circular object with multi colored lights dancing and blinking around it! From what i can remember the lights were red, blue and green. It's hard for me to recount how high up this object was and even how large it was. Maybe the size of a small car, I really cant say. I had to be between 10 and 12 years old. One thing i can say is that their were many adults out there witnessing this event and i do remember that none of them including my step father could not make logic of what this thing was. At that time even as a child i did have enough sense to know that it wasn't a helicopter! It would've been close enough to be able to hear propeller blades, plus it was not bouncing or moving!..It wasnt a blimp! we would have been able to see the balloon. And it definantly wasn't an airplane. They don't hover to my knowledge. the only thing that moving on that vehicle were the magnificent lights! after about ten or fifteen minutes of watching this UFO my step father said we had to get to the store. My only regret is not being able to see how this object moved on. We left before it did! SMH.