Date: July 1, 2011
Time: Approx: 11:35 p.m.
I saw a round, orange ball of light, like a large hot air balloon, traveling at the speed of an airplane, southeast to northwest. It hovered over Corona del Mar nearly overhead, slightly to the southwest, for one minute, moving backwards slightly.
It then extinguished its central light, and continued on at the same speed to the northeast, which I could see through my binoculars. Clear skies, 68 degrees.