This object could easily be a mass of balloons tied together and fitted with light-emitting diodes, but if so, the LEDs are exceptionally bright, and one has to wonder about the weight of the power source. Of course, without knowing the altitude, it’s impossible to tell how large the cluster might be. The analysis linked on this story asserts that this cannot be a cluster of balloons, but to your ever-cynical Out There editor, they have made some good points, but not conclusively proved their case.

http://www.youtube.com/watch?v=-Wxgi3qMN6c
Story Source:
http://news.gather.com/viewArticle.action?articleId=281474981149757