I was at a child's birthday party at a suburban community south of Wilmington, DE. As I walked toward my automobile, parked along the street, I noticed a bright and pulsating light to my left about 1 mile away and at about 40 degrees above the tree line. The object was pulsating and changing color from blue to white to red to orange in a pattern that made it seem to be rotating. It moved slowly with no derivation from its course and moved away from my position toward the north. I had no idea what this object was and called it to my wife's attention. I told her that I thought it was a UFO. I was excited by the object's presence and immediately ask my wife for her cell phone. I was able to activate the camera and filmed the object for a brief time. I was only able to magnify the picture near the middle of the sighting and the video is at some points shaky. The object continued to move away from me a disappeared behind the tree line near the horizon.