I took some Polaroids of a trash can lid when I was about 15 that were far better than this.
Sure you did, doug. Why don't you post them? Why don't you show how simple it is to fly, and hold in a stationary position, an RC drone -- fixed-wing, helicopter, or blimp, your choice --rigged up with lights to look like this?
If it's that easy, you should be able use your digital camera/video to produce in a snap a video that would fool everybody -- except for smart savvy folks like yourself, of course!
Put your money where your mouth is.
Something tells me you won't, though. Something tells me you couldn't produce a half-way convincing UFO on film to save your patoot.
But by all means, ping me when you post that video. In the meantime, I don't pretend to know what this thing IS, but I can tell you what it ain't. If I had to guess, I'd venture it was a doctored video OR a test of black-op technology, being so near to North Island US Navy carrier and submarine base.
There's an outside chance as well that it's the lighting at the top of a very large structure like a skyscraper, except I don't think there are any in that location and if there were, whoever the news director is at that station, is destined for a management position at a third-rate McDonald's until he's retired.