The following exert is an eye witness statement. Please read into it what you will. This has been reported to mufon who I am sure are investigating:
The object was first sighted coming toward us at roughly 12 deg. starting in the ne and heading sw. at first we noticed it as a varying light source that differed from the normal air traffic coming from mcghee tyson airport(passenger flights and an air base are located within 5 miles of our location) this looked nothing like the normal air traffic. it was flying roughly at about 3,000 feet and stopped in mid air several times on its path to us. it took roughly 30 mins to get overhead and once again stopped but at an elevation of about 500 feet. it changed color several times from white and then blending into blue until fully blue. then blending into green until solid green and so on through several colors. the entire time there were several air craft coming in to the air port to land and some flights leaving. after about 10 mins of hovering it slowly started moving back sw away from us now. once it started moving it stayed a solid white light that would flutter slightly. after slowly moving off and slightly up for 5 mins it shot straight up in the air at a right angle and disappeared in to the upper atmosphere. it took roughly about 1 to 2 secs to disappear. the shape of the craft was round like a sphere from what i could see of the outline inside of the changing light while it was stationary above us. we are use to air traffic here and i am a trained observer of air contacts through the navy. this was not an airplane, helo, rocket, or blimp!