Strange Object filmed in Italy

I find this clear footage of a red object, it was filmed in my hometown
in Italy, it's a round thing, and you can see a pulsating light on it.
I know who recorded that video, i have recognized him browsing his
youtube account....(we live both, in a small town on the adriatic sea)
I hope to speak with him to obtain other information on this event.

here is the link:

www.youtube.com...

To be honest it look like a mylar balloon. When he zooms in on the picture the scale seems off and the occasional flashes could be a relection off of the unpainted areas of the mylar.

It does seem to be spinning and shaped like a US football

Looks like a balloon to me too I'm afraid.