Could it have been a thick stray cloud combined with some light reflection/refraction effects from the ground or maybe stars/planets in the background ?
I think most "credible" UFO sightings (especially those in the western US) are Government owned aircraft. For the most part, Humans are just bad at interpreting what they have seen. One of my favorite examples is the rumored "flying artichoke" that was likely just a sighting of an F-117A Stealth Fighter ( http://i.imgur.com/D22OrQ1.jpg )