UFO Sited Above Downey with witness

Date: September 7th, 2013
Type: CE1
Location: Los Angeles, CA
Time of Incidents: 5:15am
Attempted Time of Sleep: 7:00 am
State of Mind Before: Very Depressed, Very Lonely (Me)
State of Mind After: Depressed (Me)/Guest (Weird Out)
Odd occurrences before: None
Odd occurrences after: None.
Possible Influential Factors: None

I spent most of the night researching some mythological stories. My guest decided to stop by at 4:30am and we went out to get some food nearby. I noted on the drive there that the sky was very clear and it was cool that you could see the stars tonight. On the way back to my home, when he got back to the 5 freeway near my home I noted that there was a peculiar object in the sky. It was not there earlier and just popped in. When we stopped at my home, I noted that its was at a 30 degree angle from my position and seemed to be over the city of Downey. Which is east of my location. The object in the sky was noted a few weeks ago and appeared in the same location and behaved in the same manner.

The object cycled through flashing colors of yellow, blue, white, and red. It remained stationary, but the intensity of lights would fluctuate. At times there was small white specks that sped toward and away from it.
My guest noted the object as well, and thought it might be a planet. Yet after observing it he noted that the blinking lights indicated it was no planet, it seemed to be like a plane to him but the object did not move in any direction.

I theorize that this might be a main ship that is coordinating drop offs and last minute visits. I came to this conclusion due to the time frame of its appearance. 

Update

One thing about the location I live in is that it is too bright. Most of the time many of the stars are blocked out from the ambient lighting. Only the very brightest of objects appear in the sky. Looking again tonight I found the constellation of the Big Dipper, where the UFO appears is supposedly the spot where the star Arcturus in the Bootes Constellation appears. The object in the sky I saw however is not always visible....even when the Big Dipper is easily scene....plus when I have seen the object in the sky.... the Big Dipper has been in other places? So as of today I am stating that the object seen may have been the star Arcturus, but that is only a 60% chance given that I have scene the object at other times in the same location when the Big Dipper was in other positions.